This isn't the first time it is reported that G7 will discuss crypto, so far nothing big came out of it. Maybe this time will be different, or maybe it won't.
G7 is more like a meeting, noting discussed or agreed there is enforceable in any way if the partners don't want to, it's more like a show of power, the G7 or the G20 meeting will not produce any immediate results.
because it's almost impossible to demand from exchanges to do verification of their user's wallet, and a law that is hard to enforce will only create more headache for everyone, including the government.
The thing is that the US representative came out on its own and said this crap, (fortunately, I think that those are just some rumors based on misunderstandings) as for them there is nothing problematic with a law like that. They draft a piece of garbage with 300 lines with obligations and then it's the exchange problem to comply with it, just as governments do with everything. You would be amazed how many regulations are in farming in the EU, years ago I spent months to try and make a guide for my parents on what we have to do on a weekly/monthly/yearly bases, dates for all the permits all the inspections all the all of all...damn it.
The government/parliament/congress whatever makes laws and they think that for people it's so simple to obey and respect it and not go bankrupt as it was for them to dictate three phrases to their secretaries.
No, if Mnuchin really said that, he needs to go! Now! Before it's too late and another moron picks up the idea!
