) proposed Libra cryptocurrency could be misused for money laundering, adding to the growing regulatory skepticism of the social media company’s digital asset plans.
The Treasury Department has warned Facebook that it must enact proper safeguards against illicit use such as money laundering, he said at a White House press conference. “Treasury has been very clear to Facebook ... and other providers of digital financial services that they must implement the same anti-money laundering safeguards in countering the financing of terrorism as traditional financial institutions,” Mnuchin said.
His comments came a day before Facebook’s top official overseeing the launch of its Libra cryptocurrency, David Marcus, was scheduled to tell U.S. lawmakers the company would not launch the digital currency until regulatory concerns and approvals are fully addressed, according to prepared testimony posted by the Senate Banking Committee.
Mnuchin said Facebook’s Libra would have to convince financial regulators it has high privacy standards.The company is a “long way away from” securing approval from U.S. regulators or launching the cryptocurrency in the United States, he said.Our Standards:
Junkie... How come drug proceeds worth billions of USD cash are laundered from the United States to Mexico and other south american countries, why are there no regulations stopping them. Why attack Bitcoin simply cos they don't understand simple logics on how it works.
Bro HSBC has been used to launder money for years why no one talking about that. These people on the office are old and cant make it with the times
So....
Because yall can’t tax it 😂 taxationistheft
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Right do your job and stop complaining
Smart people launder money through a public ledger.
What he means is cryptocurrency isn't controlled by them and therefore they cant control you with it.
Not one new element/felony that would be exclusive to cryptocurrency. Intellectually and insultingly lazy politics. Fight the crime, apply the laws. Let business develop new markets and punish them once they do harm, not before.
Yes, you must stay in a failing fiat currency, the USD.... back in line, slaves!
SMART PEOPLE DON'T USE facebook
REALLY, coming from you of all people.
Pretty cool that Facebook just offered itself to be picked apart by regulatory agencies of a hostile government bent on influencing the election in any way they can. Also blockchain is stupid and killing the planet.
Yep
Which differs from all other cryptocurrency, how?
Quick someone call the presidents family.
stevenmnuchin1 's just jealous he can't use it to launder Russian money for the reTHUGliKKKans.
Careful Mnuchin, don’t let Trump find out you’re making it harder for him to steal from children’s charities.
The irony of him saying crypto currency could be used for tax evasion...
The number one currency of choice for criminals worldwide? The US dollar.
So donald will push it thru with vigor.
really so lame
By you, trump and his friends?
He means renting Cult45 condos to Russians works better? Cult45 RussianAsset BigitInChief
Finally something this administration is notably experienced in; money laundering.
Doesn't regular currency also have a history of this stuff? Just saying...
Since when does this administration care about money laundering
Fiat Cash is used for laundering. Facebook money will be used for censorship
Would that be more fear of what you can't control or realistic fear
In this country, only cabinet can mess with money laundering 🤣🤣🤣
As Libra gets into congressional hearing let's have a look at the scenario and how the summer has been for crypto prices, specifically Bitcoin..
yeah and it will be great to see it being attacked from all Forex quarters, for once only the bad guys will be targeted!
Guess he hasn't heard about the Russians and Trump 😂
Is he worried he won’t get his cut? Corruption
Glad we can’t do that with cash fiat.
He’d know.
He then paused and said, “Never mind. “
realDonaldTrump kinda like trump hotels
Just use banks like everyone else
Because of how facebook is currently corrupt, there’s no doubt money laundering will take place DeleteFacebook
Meanwhile we are broke again
Hey oughta know.
Why don't we use gold as money?
What is wrong with his eyebrows?
On the irony of the day the Treasury Secretary of a man who made his money on laundering money through properties around the world warns of threats of the modern version of the same crime.
It’s the internet 🤷🏿♂️
Thank goodness its all about illicit activities. For a short moment I thought the dollar hegemony is under attack.
Do not forget foreclosures?
Yeah, that would cut into realDonaldTrump ‘s business..
NRA can help them out
The White House needs safeguards against money-laundering residents while he’s at it.
I agree but i must have all and full access to my accounts. (CUBE)
Just don’t allow use of it for condo sales or golf memberships.
I'm pretty sure that's iamjohnoliver and not this munchkin guy you speak of. SexyBeast
so as not to be mixed into the morass of all the laundered junk Goldman Sachs pedaled? GMAB. This is about reeling at the prospect of other entities gaining some power.
Why, is Deutsche Bank running it?
Tell me he really cares about money laundering when his boss is doing it as we speak.
I agree. What about our President? Do we also get protection from his money laundering?
Oh oh, looks likeMnu him is finding a way to further enrich himself and probably trump to
HAAAAAAAAAAHAHAHAHAHAHA!!!!!!!!!! Mnuchin don't want no shenanigans, y'see!
With an ironic smirk I would imagine or did he just blatantly laugh his ass off.
“Money laundering is best left to the developers of luxury condos”.
you mean like USA real estate and deutsche bank, and the various methods americans use to become billionaires?
Most ultra-wealthy people in the US engage in some form of money laundering or another... off shore accounts, major real estate transactions, art acquisitions and sales... what else had realdonaldtrump been up to?
Mnuchin is against money laundering? He could lose his job for that.
Only realDonaldTrump is allowed to launder money! DeutscheBank
And who knows money laundering better than...
Ask Wilber Ross he’s an expert!!!
Y when banks don’t safeguard against money laundering and when they are caught they are given a slap on the wrist vs actual prosecution.
stevenmnuchin1 can hide realDonaldTrump money laundering but is worried about bitcoin? Something he and his Fueher probably don't understand.
There is so much bullshit here.
And Americans need protection from mnuchin.
This was SAD. No one was interested in what he had to say. When asked about his boss' tweets he said he didn't find them offensive. BUT was offended someone pointed out he is Jewish and wanted to know how he felt about the administration cozying up to supremacists
For sure so they can get their cut
Mnuchin and trump know a lot about money laundering.
He should know all about that money laundering. He might be an expert.
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