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U.S. Treasury Secretary holds press conference on Libra and crypto

In the wake of President Trump's anti-Bitcoin tweets, as well as recent controversies surrounding Facebook's Libra project, the Secretary of the U.S. Treasury addressed the topic of crypto in a press conference. Stephen Mnuchin was attempting to clarify his department's stance on the crypto space, ahead of the Libra hearings on Capitol Hill.

Mnuchin's comments were primarily concerned with the AFL/CFT compliance of the crypto market. He claims that the market is currently "dominated by illicit activities" as well as manipulation. He explained that the Libra stablecoin was a major cause for concern for his department as it could potentially be used, like other cryptos, by terrorist groups as well as for cyber-crime, human trafficking and other offenses.