In a speech delivered before the Senate Banking Committee earlier in February, it was revealed that US Treasury Secretary Steven Mnuchin intends to raise the topic of cryptocurrency regulation at the upcoming G20 summit in March. He said to the committee that while he does not find cryptocurrency to be a threat to the stability of the financial market, he is concerned about how they are so easy to use for money laundering and other criminal activities.
The G20 summit, which is to be held in Argentina, is a venue where members of the G7 nations, who also happen to have the largest economies around the world, hold a dialogue over various economic issues. If the talk pushes through, Secretary Mnuchin could very well find another party interested in seeking dialogue, specifically French finance minster Bruno Le Maire, who had already called for a similar meeting as early as last December.
Mnuchin’s announcement follows a week after he revealed that the US finance regulators are already trying to come up with a digital currency working group, specifically for the purpose of investigating the nascent market. On top of reiterating that they are “very focused on cryptocurrencies,” he also added that the job of ensuring that the same are not abused or misused rest with the regulators.
Shortly afterwards, on February 6th, the US Treasury held a hearing on virtual currencies and what is the role to be played by the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) in it. SEC chairman Jay Clayton and CFTC chairman J. Christopher Giancarlo attended the open session.
The issue of cryptocurrency has been raised in the G20 summit as early as 2015.