US Treasury: New requirements for cryptocurrency industry will be developed

US Treasury Secretary Stephen Mnuchin said that US regulators are likely to develop new rules for cryptocurrencies in order to avoid their negative impact on the country’s financial system, Bloomberg reports.

Mnuchin again expressed concern that bitcoin could be used in illegal activities. The minister also called on financial regulators to step up efforts to develop measures to counter this problem.

“We study all these cryptoactives,” the official said. “We intend to make sure that we have a unified approach and, I think, all these departments will issue new regulations”

Also, the publication notes that at least half a dozen US departments, including the SEC and CFTC, have declared their readiness to contribute to the formation of an updated legal framework.

Recall that last week, Stephen Mnuchin mentioned Bitcoin twice. He first stated that combating the use of cryptocurrency for criminal purposes is a matter of national security, and all digital asset service providers should be regulated in accordance with the FinCEN regulations and the US Bank secrecy Act.

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