US Finance Regulators Form Crypto Working Group, Says Mnuchin

U.S. Treasury Secretary Steven Mnuchin said on Friday that the Financial Stability Oversight Council, a government body that assesses financial system risks, has formed a working group focused on cryptocurrencies.

Mnuchin remarked on the process during an appearance at The Economic Club in Washington, D.C. after being asked about the topic of bitcoin.

“We are very focused on cryptocurrencies,” Mnuchin explained, pointing to discussions with other regulators within the U.S. government and later stating: “We want to make sure that bad people cannot use these currencies to do bad things.”

Mnuchin added that the issue was one that the U.S. government would engage with the G-20 international group as well. As previously reported, Mnuchin’s French counterpart called for more action from the G-20 in December, highlighting “a risk of speculation” at the time.

On that subject of speculation, Mnuchin said that he is concerned about the issue as well.

“I want to make sure that consumers who are trading this understand the risks because I am concerned that consumers could get hurt.”

During the remarks, Mnuchin also suggested that the Federal Reserve is unlikely to develop its own digital version of fiat currency – a topic under discussion at a number of central banks worldwide – in the near future.

“The Fed and we don’t think there’s a need for that at this point,” Mnuchin said.

See below for a recording of Mnuchin’s remarks (with the relevant section beginning at 4:55). 

Image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

R3's Hearn and Brown Say Enterprise Blockchain's Day of Reckoning Is Here R3's Hearn and Brown Say Enterprise Blockchain's Day of Reckoning Is Here
Commodity Traders, Major Banks Back New Blockchain Platform Commodity Traders, Major Banks Back New Blockchain Platform
3D Printed Gun Advocate Cody Wilson Charged With Child Sexual Assault 3D Printed Gun Advocate Cody Wilson Charged With Child Sexual Assault
Europol Warns of Crypto Hacks and Mining Malware in Latest Report Europol Warns of Crypto Hacks and Mining Malware in Latest Report
Bitcoin Core Developers Move to Fix Denial-of-Service Software Bug Bitcoin Core Developers Move to Fix Denial-of-Service Software Bug
Bitcoin's Price Swings to Nearly $6,500 in Volatile Trading Hour Bitcoin's Price Swings to Nearly $6,500 in Volatile Trading Hour
Coinbase Hires Fannie Mae Executive as Chief Legal Officer Coinbase Hires Fannie Mae Executive as Chief Legal Officer
Binance Reveals Plan to Launch Crypto Exchanges on Almost Every Continent Binance Reveals Plan to Launch Crypto Exchanges on Almost Every Continent
© 1555 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.