This morning at a Senate Budget hearing Steven Mnuchin gave a testimony and makes some very exciting statements regarding “significant new requirements” that the FINCEN is working on for Cryptocurrency. Credit goes to @xrp_hodl_ for capturing a recorded video of the live hearing.
Mnuchin "significant new requirements" on Crypto.
"You will see alot of work coming out very quickly"#xrpthestandard #xrp pic.twitter.com/JPx670nYxl
— Bless you
(@xrp_hodl_) February 12, 2020
As you can see from the tweet, he also does mention that we will be seeing it come out “very quickly”. One could speculate that because many large cryptocurrency companies are planning to IPO in the U.S. stock markets like Bitmain and Ripple. Perhaps the U.S. wants to be ahead of China when it comes to digital currency innovation.
Mnuchin stated that they want to make sure that the technology moves forward, but at the same time they need make sure bad actors are not using cryptocurrency for illicit activity.
Proper regulatory infrastructure for cryptocurrency may be close.
