{"id":10098,"date":"2020-02-17T05:04:58","date_gmt":"2020-02-17T05:04:58","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=10098"},"modified":"2020-02-17T05:05:00","modified_gmt":"2020-02-17T05:05:00","slug":"news-commentary-992-u-s-to-restrict-cryptos","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=10098","title":{"rendered":"News Commentary #992 – U.S. to Restrict Cryptos?"},"content":{"rendered":"\n

Nations Considering Digitizing Their Currencies.<\/strong><\/p>\n\n\n\n

The more popular cryptocurrencies become, the more they will catch the eye of national governments.  There is always concern about money laundering — and even having a country\u2019s own fiat currency being replaced by something that is much much better.  The following article by Ross Jackson that recently appeared in Coinlib<\/em> has some thoughts on this\u2026<\/p>\n\n\n\n

Trump Pushing Department of Justice & Fed to Reign in Cryptocurrency<\/strong><\/p>

Tensions with Iran may be behind U.S. Treasury Secretary Steven Mnuchin\u2019s cryptocurrency compliance comments on Wednesday. (CoinDesk \u2013 Leigh Cuen).<\/p>

The New York Times said that the Trump administration \u201chas expressed growing concern\u201d that this technology is being used to \u201cevade American sanctions on countries like Iran.\u201d<\/p>

Iran Bitcoin Worries<\/strong><\/p>

U.S. Treasury Secretary Steven Mnuchin foreshadowed the Trump administration\u2019s plans for greater surveillance of cryptocurrency users during his testimony before the Senate Finance Committee on Wednesday. He noted that cryptocurrency was a \u201ccrucial area\u201d for the Treasury Department to examine, and said:<\/p>

\u201cWe are working with FinCEN and 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\u2019t used for money laundering.\u201d<\/em><\/strong><\/p>

Law Enforcement<\/strong><\/p>

Law enforcement has long been interested in having access to financial records during investigations. But law enforcement access isn\u2019t the only value, let alone the most important value, regulators need to solve for. There are already laws that regulate financial institutions that hold and exchange funds including\u00a0cryptocurrencies\u00a0for consumers and offer pathways for law enforcement seeking to learn about transactions.<\/p>

Mnuchin\u2019s Comments<\/strong><\/p>

Mnuchin\u2019s comments come days after the Trump administration proposed increasing the Treasury Department\u2019s 2021 budget for cryptocurrency oversight. In 2019 alone, various U.S. government agencies spent $5 million on blockchain analytics services from Chainalysis.<\/p>

Jerome Powell \u2013 Fed Reserve<\/strong><\/p>

Jerome Powell, the chairman of the Federal Reserve, recently spoke on the leading of cryptocurrency.<\/p>

After the congressmen Bill Foster raised his worries in keeping up with the digital currency dreams of China, the cryptocurrency markets took a surge skywards.<\/p>

Jerome Powell, the chairman of the Federal Reserve, recently spoke on the leading of cryptocurrency in a recent testimony as he said\u00a0BTC\/USD\u00a0jumped 4% to $10,200.<\/p>

Powell was crystal clear on his thoughts when it came to the integration of Facebook\u2019s upcoming crypto project, Libra, which had been a game-changer in the financial space.<\/p>

When one of the most powerful men in the financial industry becomes aware of the speed and scale bitcoin can utilize to take over, or affect the dollar, it shouldn\u2019t come as a surprise to many as to why it went for the sky.<\/p>

Fed Nominee<\/strong><\/p>

Judy Shelton, the current nominee to the Federal Reserve Board, told lawmakers that digitizing the U.S. dollar could help maintain the currency\u2019s ascendancy in global commerce. Her comments come at a time when digital currency initiatives by China\u2019s central bank and the Facebook-spawned Libra Association have spurred the U.S. and other Western nations to seriously consider launching their own electronic monies.<\/p><\/blockquote>\n\n\n

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Nations Considering Digitizing Their Currencies. The more popular cryptocurrencies become, the more they will catch the eye of national governments.  There is always concern about money laundering — and even having a country\u2019s own fiat … News Commentary #992 – U.S. to Restrict Cryptos?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":9422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,3545,1874,3544,3546,3547,3610,3814,3815,3816],"class_list":["post-10098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-bitcoin-info","tag-bitcoin-insights","tag-bitcoin-news","tag-bitcoin-update","tag-bitcoin-updates","tag-cryptocurrency-news","tag-trump-bitcoin","tag-trump-crypto","tag-us-bitcoin","exalt-entry"],"yoast_head":"\nNews Commentary #992 - U.S. to Restrict Cryptos? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=10098\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #992 - U.S. to Restrict Cryptos? - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Nations Considering Digitizing Their Currencies. 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