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    January 15, 2018

    The US Financial Stability Oversight Council forms a new cryptocurrency working group

    US working group cryptocurrencies

    According to Treasury Secretary Steven Mnuchin, the US Financial Stability Oversight Council has formed a new working group focussing on cryptocurrencies.

    According to new statements from US Treasury Secretary Steven Mnuchin, a new working group has been formed under the Financial Stability Oversight Council with the view of co-ordinating discussions around the emergence of cryptocurrencies.

    According to Mnuchin, the Financial Stability Oversight Council is focused on cryptocurrencies – specifically, Mnuchin elaborated that the goal of the council was to ensure that “…we want to make sure that bad people cannot use these currencies to do bad things.”

    Read: South Korea’s Executive Office confirms no cryptocurrency ban is forthcoming

    Mnuchin’s comments come in the wake of news last year that the White House is actively monitoring cryptocurrencies, while President Donald Trump himself authorized a Department of Defense study into blockchain technology.

    Mnuchin’s views echo the sentiments of other legislators concerned with anti-money laundering measures, and continued to offer that “I want to make sure that consumers who are trading this understand the risks because I am concerned that consumers could get hurt.”

    When questioned on the likelihood of the US Federal Reserve developing and issuing its own digital currency similar in concept to Russia’s forthcoming CryptoRuble or Venezuela’s nebulous Petrocurrency, Mnuchin quipped that “…we don’t think there’s a need for that at this point.”

    The Financial Stability Oversight Council’s new working group could feasibly be the first organization to lead overt calls for cryptocurrency regulation in the United States.

    Earlier this week, South Korea’s Minister of Justice instituted pandemonium by erroneously declaring an imminent ban on cryptocurrencies within the nation.

    Read: North Korea could be leading continuing attacks on South Korea’s leading cryptocurrency exchanges

    What are your thoughts? Be sure to let us know your opinion in the comments below!

    Follow Bryan Smith on Twitter: @bryansmithSA

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