U.S. Treasury Deputy Secretary: cryptocurrencies are an evolving threat

In her recent statement, U.S. Deputy Secretary Sigal Mandelker called cryptocurrencies an ‘evolving threat’ to financial markets, while also adding that the Treasury would participate in the upcoming hearings at the Senate Bank Committee together with the Internal Revenue Service. It should be reminded here that almost certainly during the same hearings, the representatives of the U.S. Securities and Exchange Commission and the delegates from the Commodity Futures Trading Commission will participate as well. These bodies regulating initial coin offerings (ICOs) and Bitcoin futures, respectively.

Previously, the position quite similar to Sigal Mandelker’s views has been voiced by the Secretary himself, who, according to the new draft legislation, which has chances to be approved by the Congress, will head the new task force of experts that will monitor the cryptocurrency world and prevent related crimes.

The work of the United States Treasury includes the search for illegal financial schemes all over the world, as the American dollar is a world currency. Dollars are often converted in bitcoins, and not always those dollars are acquired legally in the first place. Judging by the news background from the Treasury and other financial supervision authorities of America, combating digital anonymization of such funds is one of the priorities of the aforementioned bodies this year.