https://twitter.com/CNBCnow/status/1150821533239119872Ten minutes to either stock up or run for the exits.
The treasury secretary is going to give an erotic press conference about crypto regulation. I presume this'll be more Libra bashing than anything else but you never know.
Here's what he said earlier in June...
https://home.treasury.gov/news/press-releases/sm713partial transcript...
Virtual Assets
One of the most valuable contributions of this plenary is the regulation of all virtual assets, especially cryptocurrencies. I commend efforts by the FATF to address the growing misuse of cryptocurrencies and other virtual assets by money launderers, terrorist financiers, and other illicit actors. I am proud to note that under the co-chairmanship of Spain and Singapore, you have delivered on the ambitious goal of addressing these risks in a number of ways.
The Interpretive Note adopted this week includes virtual asset standards that are binding to all countries. By issuing updated guidance, the FATF is enhancing financial transparency and setting expectations. This will enforce a level playing field for virtual asset service providers, including cryptocurrency providers, and traditional financial institutions.
Under these new measures, virtual asset service providers will be required to implement the same AML/CFT requirements as traditional financial institutions. They will need to:
•Identify who they are sending funds on behalf of, and who is the recipient of those funds;
•Develop processes where they are required to share that information with other providers of virtual assets, and law enforcement;
•Know their customers and conduct proper due diligence to ensure they are not engaging in illicit activity; and,
•Develop risk-based programs that account for the risks in their particular type of business.
By adopting the standards and guidelines agreed to this week, the FATF will make sure that virtual asset service providers do not operate in the dark shadows. This will enable the emerging FinTech sector to stay one-step ahead of rogue regimes and sympathizers of illicit causes searching for avenues to raise and transfer funds without detection.
•We will not allow cryptocurrency to become the equivalent of secret numbered accounts.
•We will allow for proper use, but we will not tolerate the continued use for illicit activities.
•In the U.S., I have convened a working group with the Federal Reserve and other regulators to make sure we keep the use of digital assets for legitimate use only.
•I encourage you to do the same in your markets.
We must work together to ensure that virtual assets are no longer a safe haven for illicit actors to end-run around established AML/CFT safeguards.
The United States welcomes responsible innovation, including new technologies that may improve the efficiency of the financial system and expand access to financial services. Yet we must maintain our financial system’s integrity and protect it from abuse. That is why the United States has in place a comprehensive AML/CFT framework for regulating, supervising, and taking enforcement actions relating to virtual currency and other digital assets.
The United States subjects the same AML/CFT controls to covered providers and activities as any other U.S. financial institution. For example, service providers must register with FinCEN. They must also institute an AML program, and recordkeeping and reporting measures, including filing suspicious activity reports.
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