Former Treasury Secretary Compares Stablecoins to Casino Chips

Steve Mnuchin– former Treasury Secretary of the United States– recently discussed stablecoins and FinTech investment opportunities. While he sees potential in blockchain technology and stablecoins, he also says they shouldn’t operate like “casino chips." Stablecoins and Casino Chips Mnuchin aired his thoughts earlier today in an interview with Bloomberg Invest Global. He begins stating that there’s “gigantic opportunity” in “real-time, cross border currencies,” and calls both blockchains and stablecoins “interesting”. [caption id="" align="aligncenter" width="755"] Steve Mnuchin. Source: NBC[/caption] However, he…

US Treasury Sanctions SUEX as Fight Against Ransomware Continues

On Tuesday 21st September, the US treasury announced that it would sanction the SUEX exchange. According to the treasury, SUEX took part in Ransomware activities.  The government has been fighting against such attacks for several years. However, its efforts have been futile due to the lack of international support. US Treasury Sanctions Crypto Exchanges In a public release, the US Treasury recently announced sanctions on SUEX. Comprehensively, the Office of Foreign Assets Control (OFAC) proposed the recent sanctions. The OFAC linked SUEX to eight…

Treasury Keeps a Hawk’s Eye on Stablecoins as U.S Crypto Regulation Calls Continue

U.S. top regulators earmark Tether and its counterparts on allegations that they are too risky. The treasury's hands are also full since it is drafting recommendations for crypto regulation. According to anonymous sources, the treasury aims to secure crypto transactions. Stablecoins Pose a 'Big Risks' for The U.S. to Ignore As per Bloomberg, ensuring reliable and safe crypto transactions is the ultimate goal for the treasury. The regulators are also worried that the ever-rising sales on crypto-assets may disrupt the world's financial order. Cryptos…

Treasury Secretary Nominee Yellen Will Favor Crypto Rules

The crypto industry could face renewed regulatory scrutiny over the next four years if Janet Yellen, selected by Joe Biden to head the Treasury Department, takes over management. During Tuesday's confirmation hearing before the Senate Finance Committee, Senator Maggie Hassan (D-N.H.) asked Yellen about crypto use in criminal activity. Yellen stated that cryptocurrencies are of particular concern, and she thinks they are often used for illegal financing, at least in terms of transactions. He said he wanted to investigate how…

US Treasury Discusses Crypto Regulation Issues with Industry Leaders

On the 3rd of March 2020, the US treasury met with industry leaders and finance watchdog experts to debate about supervisory and regulatory challenges facing digital assets, including cryptocurrencies. Steven T. Mnuchin said that the US welcomes responsible innovation that may improve the financial system's efficiency. He added an urgent need to protect the US national security and maintain the integrity of the financial system. Additionally, the treasury focuses on preventing the misuse of digital currencies by money launderers, terrorist…

US Treasury Says New Conditions on Cryptocurrency on the Way

Even since their launch, Cryptocurrencies are the conversation in most U.S. minds. Well, notwithstanding the crypto community's very own Andrew Yang’s failure to clinch the Democratic Party's presidential ticket. The number of firms and patents in the US related to cryptos and blockchain technology keeps on going through the roof. These two factors make Cryptos a hot economic as well as a political topic. Query At The Senate The US President, Donald J. Trump proposed a $4.8 trillion for 2020,…