The US Department of the Treasury had a meeting with leaders of the cryptocurrency industry
The US Department of the Treasury reported yesterday about a meeting with the leaders of the cryptocurrency industry to discuss future regulatory and development issues. The department tries to work more closely with industry players to better address opportunities and challenges. Experts discussed the current challenges facing supervision and regulation in the digital asset and cryptocurrency industry.
Opportunities and challenges
Steven T. Mnuchin, the secretary of the United States Department of the Treasury, is one of the most active politicians who work and comment on cryptocurrencies and digital assets.
“The United States appreciates responsible innovation, including new technologies that can improve the efficiency of the financial system. We must ensure that we balance innovation with the need to protect our national security and maintain the integrity of our financial system ”, Mnuchin said in the recent press release.
Mnuchin and his department consider the opportunities and risks of cryptocurrencies while working on regulatory programs. He talked about the Libra digital currency last year and noted the possible misuse of the currency. Mnuchin believes that Libra can be misused by terrorists and needs strict regulation and monitoring.
According to previous news, the Donald Trump administration and particularly the Treasury Department are working hard to implement new rules for the industry. Transparency is the main concern in the development of future rules, as Mnuchin said before.
The recent meeting with the leaders and experts of the cryptocurrency industry focused more on regulatory challenges. The US Department of the Treasury UU. He wants to find legal solutions to prevent the misuse of cryptocurrencies and digital assets.
The United States has always claimed to fight terrorism and irregular financial acts. It seems that the government now tries to be at the forefront of regulation for the new industry.
"The United States will continue to be at the forefront of regulatory entities that provide cryptocurrencies and will not tolerate the use of cryptocurrencies in support of illegal activities," says the Treasury in the press release.
But they are far behind other countries like China that have adopted new regulatory frameworks long before and even now are considering national strategies to develop the crypto industry.
