The US Government’s Mixed Signals on Digital Currency Privacy

Forex Monarch
EA Builder

To look at the U.S. government, it is the best of times and the worst of times for personal financial privacy. 

On the one hand, in comments before the Senate Financial Services Committee, Treasury Secretary Steven Mnuchin said his agency’s Financial Crimes Enforcement Network, or FinCEN, is planning stricter regulations on anti-money laundering and crypto. 

At the same time, the CEO of DropBit was arrested on money laundering charges around a bitcoin (BTC) mixing service he allegedly ran between 2014 and 2017. In this new enforcement regime, one of the government’s major partners is Chainalysis, which has won more than $10 million in federal agency contracts since 2015. 

Yet, privacy advocates are also surprisingly enthused by comments from Federal Reserve Chair Jerome Powell, who suggested in testimony to Congress that any potential U.S. digital dollar would need to preserve privacy.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Articles You May Like

Bitcoin Price Will Crash, Says Quantum Hedge Fund Analysts
How a Decentralized Randomness Beacon Could Boost Cryptographic Security
Darknet Vendor and Pharmacist Charged With $270 Million Bitcoin Drug Trade
Decentralized Tech Will Be Ready for Humanity’s Next Crisis
Market Wrap: Bitcoin Tests $12K; DeFi Debt Outstanding Hits Record

Leave a Reply

Your email address will not be published. Required fields are marked *