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STEVEN MNUCHIN: Last month, the Libra Association, a consortium of 28 businesses, including a Facebook subsidiary, announced that it is developing a cryptocurrency called the Libra. The Treasury Department has expressed very serious concerns that Libra could be misused by money launderers and terrorist financiers.
Cryptocurrencies such as Bitcoin had been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking. Many players have attempted to use cryptocurrencies to fund their malign behaviour. This is indeed a national security issue.
The United States has been at the forefront of regulating entities that provide cryptocurrency. We will not allow digital assets service providers to operate in the shadows, and will not tolerate the use of the cryptocurrencies in support of illicit activities.
