2019-07-18 CNBC - Mnuchin says Treasury will ensure bitcoin doesn’t become ‘Swis

[cr1776]

Mnuchin says Treasury will ensure bitcoin doesn’t become ‘Swiss-numbered bank accounts’

Treasury Secretary Steven Mnuchin said Thursday the department will police bitcoin and other cryptocurrencies with “very, very strong” regulations so that they don’t become cloaked in secrecy.

“We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were obviously a risk to the financial system,” Mnuchin said in an interview on CNBC’s “Squawk Box.”
...

https://www.cnbc.com/2019/07/18/mnuchin-says-us-will-ensure-bitcoin-doesnt-become-like-anonymous.html


Seems like fear.

The US used to encourage innovation, but things like this show that even the Republicans are now embracing the leftward tilt towards less freedom.

[1Referee]

Sweaty palms and armpits, you got to love these nocoiners trying to come up with all sorts of justifications to make sure their economy won't take a hit.

Bitcoin isn't and will never become a 'swiss bank account'. They have proven to be unreliable and subject to seizure by governments thinking it's well justified to steal people's money. Bitcoin might be transparent, but it's impossible to order X or Y central party to freeze our cold storage balances like they often order banks to do when they don't like certain people or their behavior.

[DooMAD]

I wish him the best of luck in his endeavours.  He's only about 10 years too late.  All my addresses are known only to me until I use them to send or receive a payment.  And even then, if I'm careful, it may not be feasible to tie those addresses to my real-word identity.

Also, when he realises his precious little Treasury doesn't, in fact, police the entire world and everything in it, maybe he can come back with some more sensible comments.

You aren't regulating shit, Steven.   

[figmentofmyass]

Mnuchin was also asked if bitcoin’s use in illegal transactions disqualifies it as a legitimate currency, given that the U.S. dollar is often used by bad actors for illegal purposes.

“I don’t think that’s accurate at all, that cash is laundered all the time,” Mnuchin replied. “We combat bad actors in the U.S. dollar every day to protect the U.S. financial system.”

what a crock. he's actually trying to insinuate that dollars aren't laundered all the time but bitcoins are. hence the bullshit standards between banking CTRs and SARs vs the new FATF rules. $10k/$5k reporting thresholds vs $1k for crypto. it's completely unequal treatment.

[NeuroticFish]

Seems like fear.

It is fear. He doesn't understand it, he heard some things - some true, some not - and this is the result.
In the antiquity he may have been worshiping it. Now he thinks he can just throw in some regulations. No. Some regulations are necessary, but mostly for the exchanges. And they have to be global, meaning a lot of discussions between the countries on this, else some may lose their share from the cake (the multi billion $ crypto industry and the related taxes).

[CryptoBry]

This kind of concern and reaction should be expected and if Bitcoin failed to generate this kind of response then it must be a total failure. Bitcoin is supposed to be one of the biggest disruptor especially in the world of finance and money so it is just natural for the key keepers in the government to be looking at it with some suspicion. Now, it should be noted that Bitcoin is actually just young and that these government officials need more time to absorb Bitcoin into their system. Given enough time, they will realize the beauty of Bitcoin and the US government can even use this tool to extend its dominance in international finance -- which is not waning, by the way, as the US Dollar is gradually losing steam and attractiveness as the global reserve currency.

"Treasury Secretary Steven Mnuchin says the U.S. will police cryptocurrencies with 'very, very strong' regulations." Of course, everything boils down to regulation. And I am hoping that soon the US government will look to Japan as the model on how to regulate Bitcoin and the rest of the cryptocurrency market so that with clear-cut regulations the industry can also wipe out many scams affecting it.