RATE Group | Just How Badly Will the U.S. Crypto Crackdown Hurt Bitcoin?
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Just How Badly Will the U.S. Crypto Crackdown Hurt Bitcoin?

22 Jul Just How Badly Will the U.S. Crypto Crackdown Hurt Bitcoin?

Posted at 18:24h in Bitcoin News by

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Following U.S. Treasury Secretary Steve Mnuchin’s warning that the federal government will pursue “very, very strong” enforcement of existing cryptocurrency regulations, various federal agencies and self-regulatory organizations have started to take a step further in tightening oversight on the budding bitcoin industry.

Regulators are starting to increase enforcement, will crypto sector improve as a result?

Secretary Mnuchin first criticized the use of crypto assets in financing illicit activities on July 15. He stated that with the establishment of the Financial Stability Oversight Council’s Working Group on Digital Assets, regulators will work at full capacity to combat risks posed by the emerging asset class.

At the time, Mnuchin noted that crypto entities and money transmitters are to be regulated in the same way as banks and financial…

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