Treasury Secretary Steven Mnuchin said the Trump administration has prepared new significant rules to regulate cryptocurrencies, Bloomberg reports.
It is expected that the new rules will be announced in the near future.
Mnuchin told a Senate Finance Committee hearing that the ministry’s financial crime prevention network is preparing rules aimed at increasing transparency to prevent cryptocurrencies from being "secret bank accounts."
"We will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering," Mnuchin said.
Mnuchin also noted that, together with Federal Reserve Chairman Jerome Powell, he does not think that the U.S. should consider the digital currency issued by the central bank, although this is something they could consider again "in the future."
Previously, speaking to the Senate Banking Committee Powell admitted that every major central bank in the world "is now deeply immersed in digital currencies," and it is the Fed is responsible for being at the forefront of this trend.
Earlier Christopher Giancarlo, ex-chairman of the U.S. Commodity Futures Trading Commission, said the Trump administration was partly responsible for the collapse of the crypto market back in 2017.
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