At present, the rising crypto regulations is a highly controversial issue. Although it is still not clear exactly what sort of regulations this requires, they will likely raise a lot of debate.
During a recent interview with CNBC on July 24th, U.S. Treasury Secretary Steven Mnuchin Spoke on cryptocurrency regulation.
According to Mnuchin, regulators are likely to introduce new crypto rules and guidelines. The main objective behind this introduction is to ensure that digital currencies negative effect of the financial system is reduced.
Mnuchin said that :
“We’re looking at all of the crypto assets… We’re going to make sure we have a unified approach and my guess is that there are going to be more regulations that come out from all these agencies.”
Additionally, Mnuchin’s recent comments are bleak for those hoping that the US government will craft crypto-friendly regulations.
“I won’t be talking about bitcoin in 10 years, i assure you that. I bet even in five or six years, and won’t be talking about bitcoin as Treasury Secretary, I’ll have other priorities. Also assure you I’ll personally not be loaded up on bitcoin.”
According to Bloomberg, previously, half a dozen of US regulators have already claimed some influence and involvement with cryptocurrency regulations these regulators include the Securities and Exchange Commission (SEC), as well as the Commodities Futures Trading Commission (CFTC).
Although Mnuchin believes that the crypto industry has no future, he believes that the US dollar will still be the dominant reserve currency in the world.
He further added saying,
“I think the dollar is the reserve currency in the world. It’s in our interest. We want to maintain it.”