U.S. Treasury Secretary Steven Mnuchin gave his testimony on cryptocurrency before the Senate Finance Committee on Wednesday. Mnuchin said crypto is a “crucial area” that the Treasury has spent a lot of time on. He also talked about stablecoins and announced that new crypto regulations focusing on transparency will be rolled out soon.
Also read: Trump Views Crypto a Threat, Proposes Countermeasures in New Budget
Mnuchin on Cryptocurrency
Steven Mnuchin, U.S. Secretary of the Treasury, testified before the Senate Finance Committee on Wednesday regarding President Donald Trump’s budget for the fiscal year 2021 released earlier this week. During the hearing, Senator Todd Young asked Mnuchin several questions about cryptocurrency and the challenges it creates for the U.S. government in various ways.
“Proponents of crypto believe it can benefit the everyday consumer by lowering transaction costs for online purchases and increasing protection from identity theft and breaking down various financial barriers,” Young began. “How does your department, Mr. Secretary, plan to respond to this rapidly evolving technology of cryptocurrency and other digital assets?”
Emphasizing that the Treasury is supportive of the proposals, including those concerning cryptocurrency, outlined in Trump’s new budget, Mnuchin replied:
We’re spending a lot of time on the issue of cryptocurrencies and digital payment systems. It’s a crucial area.
While asking Mnuchin questions on cryptocurrencies, Young referenced Trump’s budget proposals for added crypto oversight and the IRS’ efforts, including increased crypto-related enforcement and additional guidance for cryptocurrency. Earlier this week, the White House released the government’s budget for the fiscal year 2021 containing two proposals affecting the crypto industry. One was to return the Secret Service to the
