Cryptocurrencies must follow AML standards: US Treasury

Bitcoin, Ethereum, Ripple and Libra coin must achieve the highest standards of US regulatory and must follow AML standards, US Treasury official said.

September 11, 2019, | AtoZ Markets – Cryptocurrencies are slowly coming up on congressional agendas this year and US Treasury officials are speaking out about the government’s lack of activity in addressing this topic.

US Treasury wants crypto projects to follow AML guidelines

A senior member of the US Treasury addressed that operating Cryptocurrencies and upcoming cryptocurrency projects must meet the highest standards for combating money laundering and terrorist funding if it is to get off the ground.

U.S. Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker said that: “Whether it’s Bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go.”

Bitcoin, Ethereum, Ripple or any other cryptocurrency projects which also includes Facebook’s Libra coin operating in United States will have to follow U.S. regulatory standards.

The cryptocurrency and blockchain industry have paid tremendous attention to developing the underlying technology. She mentioned that much of the industry has paid very less attention to ensuring that the networks they are building do not enable terrorists funding, money laundering and any other fraud activity.

Harold Jr. statements for US crypto regulations 

During the July meeting met by the House Financial Services Committee, Harold Ford Jr. kept a piece discussing about cryptocurrencies mass adaption. For the normal cryptocurrency investor, it is something who go overboard in their opposition towards cryptocurrencies.

Despite various bills for cryptocurrencies has been proposed and some lobbying work being done in the backend. The governing authority is still no closer to a regulatory framework for cryptocurrencies. As

Ford Jr. also mentioned that the agency has tried to separately apply securities law to these new innovations and making investment more uncertain and development more costly in the US.

According to him, the US SEC now has a chance to lead on regulation. The US will fall behind other countries in attracting crypto and blockchain related businesses if they lean in setting up a regulatory regime with distinct parameters.

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