The Financial Crimes Enforcement Network which answers to US Treasury department will be putting forth new regulations on cryptocurrencies according to US Treasury Secretary Steven Mnuchin. During a speech before the Senate Finance Committee Mr. Mnuchin pointed out the increase of funding to anti-terror measures and said “specifically on cryptocurrencies, we are spending a lot of time on this, on both an interagency basis and with the regulators. We’re about to roll out some significant new requirements at FinCEN.” He said this in reply to a question posed by Senator Maggie Hassan about the significant budget increase for monitoring suspicious and illegal activities that involve cryptocurrencies. For the moment it is not clear what these measures will be or when they will be implemented, nor how they will affect the crypto industry.
Their problem will be enforcing any of these rules. They can come down hard on the exchanges and watch them all leave, leaving us behind the rest of the world. Or they can crack down on the customers, another futile action. Any real trader is doing just what Mnuchin, Trump,Apple and every big business and millionaire in the country is doing... incorporating offshore.. Just another way to keep that wealth gap nice and wide by screwing the average people... right before their awful monetary policies are about to crush pensions in the looming crash. They don’t want to let the people out from under their thumb, or who will keep bailing out the banks for their endless, reckless,greed. More cold hard cash has funded drugs and crime than crypto could in 50 years. Scare tactics .
Yes, of course via the correspondence bank system. Any bank with "crypto clients" (whether European, African, Asian, Oceanian or South American bank) not following the new rules, will be cut off from US Dollar funding. "Problem solved". You didn´t think that the regulators are "naive", do you`?
No it’s not. America isn't the ruler of the world (we’re currently the worlds joke), we can not dictate what other countries do. Many countries are already fully embracing crypto. (My sarcastic tone isn’t intended for you )