Steven Mnuchin, the United States’ (US) Treasury Secretary, gave a testimony to the Senate that more US cryptocurrency regulations are being formulated for cryptocurrency to increase transparency. It is without double that transparency regulations are vital in the cryptocurrency world.
However, Steven’s announcement of transparency isn’t an unprecedented revelation, media revealed. Last year, Steven pointed out cryptocurrencies’ involvement in illegal acts such as tax evasion, human trafficking, and others to the effect, even though this has been known since 2012.
Although vague and conflicting, more and more regulations regarding cryptocurrencies have been issued at the state and federal levels.
State of US cryptocurrency regulations
This signifies that the government offices are still in a learning and understanding stage of this technology. Mnuchin’s statements were a testament to this as he didn’t provide any solution beyond admitting that the issues are crucial and are being worked on to ensure better US cryptocurrency regulations in the future. This is probably due to the US government’s lack of interest and acknowledgment of cryptocurrency and blockchain technology.
Cryptocurrency is still very primitive regarding its development to even be considered as a replacement for traditional currencies like the Pound Sterling, United States Dollar, or the Japanese Yen. It is probable for it to be the global currency, but this decision lies completely on what people prefer for US cryptocurrency regulations. If government officials want to prevent illicit acts and their propagation through proper regulation, they need to understand this currency to implement regulatory measures of the highest quality.