The US government won’t be passing Bitcoin regulations anytime soon, at least according to one White House official.
Rob Joyce, special assistant to the president and White House cybersecurity coordinator, stated during an interview with CNBC that although the government is concerned about Bitcoin and other public cryptocurrencies, officials are still a long way from developing an official regulatory framework.
Joyce, who spent 27 years at the National Security Agency (NSA), said that the White House is most concerned about the ability of criminals to use cryptocurrency to subvert anti-money laundering policies in place at traditional financial institutions.
Joyce’s comments echo those of Treasury Secretary Steven Mnuchin, who has said that he desires to see cryptocurrency wallet providers regulated under the same AML/KYC guidelines as banks and other financial services firms.
Of course, even by the Treasury Department’s own admission, cryptocurrency usage makes up a small percentage of illicit transaction volume. The currency most commonly associated with illicit transactions? — the US dollar.
Meanwhile, regulators themselves have cautioned legislators against encumbering the nascent blockchain ecosystem with overbearing regulations. At a recent US Senate hearing, for instance, Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo testified that any new Bitcoin regulations should be “carefully tailored” to address specific problems found in the underlying markets.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.ccn.com/us-government-not-passing-bitcoin-regulations-anytime-soon-white-house-official/
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The longer the better for U.s. crypto regulations!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
yeah i hope so
thanks for your feedback
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit