Government Opinion

New Cryptocurrency rules may be introduced in the US

US treasury secretary Steven McCarthy has today weighed in on cryptocurrency rules while in an interview with CNBC. Steven pointed out that the US may issue new rules for cryptocurrencies in America. The rules will be put in place so that cryptocurrencies are not used in criminal activities; not as a way to stifle the crypto market.

The current US government has become more engaged in cryptocurrencies over the past few weeks since Facebook announced that it was going to launch its currency. Several top officials, including President Donald Trump and the House minority leader Kevin McCarthy, have already aired out their views on cryptocurrencies. Additionally, the US Senate will have seating to discuss digital currencies.

According to the announcement made by the US Senate Committee on Banking, Housing, and urban development, the hearing will be held on the 30th of July this year.

Steven Mnuchin’s statements made today do not paint a clear picture of his view on cryptocurrencies. However, Mnuchin once pointed out that if misused, cryptocurrencies could harm a country’s financial system just like the Swiss bank accounts.

The secretary has called upon the Financial Task Force and the Financial Crimes Enforcement Network to come up with cryptocurrency rules that will ensure that cryptocurrencies are used under the specifications of the law.

“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.”

While the US government continues to engage itself more with cryptocurrencies, things are not looking good for most of the digital currencies.

Bitcoin, which is the largest coin in terms of market capitalization and also in value, has dropped from its developed resistance zone of $10,000 to lows of $9,600 over the past 24 hours, it currently trades at $9,670. Ethereum has shown a drop of around -1.18% while the third-largest coin XRP, has shown a drop of -0.18% in the past 24 hours.

Do you think the high volatility being experienced in the cryptocurrency market currently is as a result of the increased involvement of the US government in cryptocurrencies?

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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