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🎥LIVE TWEETING
Treasury Secretary Munchin's briefing on crypto regulatory issues ahead of the Libra meetings over the next two days 👇
Treasury Secretary Munchin's briefing on crypto regulatory issues ahead of the Libra meetings over the next two days 👇
We're "Waiting for Fox Business" but the YouTube comments are more than enough entertainment while we wait.. 
Right out of the gate, Munchin says he wants to focus on "growing concern" among those at the Treasury of use of cryptocurrencies for criminal activities including money laundering and terrorism.
"The treasury department has expressed very serious concerns that Libra could be used by money launderers and terrorists"
Now going through a hit list of what Bitcoin has been used for: illicit drugs, ransomware, human trafficking.
Now going through a hit list of what Bitcoin has been used for: illicit drugs, ransomware, human trafficking.
"This is a national security issue."
"To be clear, FINCEN will hold any entity that transacts in Bitcoin, Libra ... to its highest standards."
A lot of the substance have this has been, effectively "you wanna do bank stuff you gotta be regulated like a bank."
A lot of the substance have this has been, effectively "you wanna do bank stuff you gotta be regulated like a bank."
"As the President has said, Bitcoin is highly volatile, and is based on thin air."
Guess we know who wrote the Tweets?
Guess we know who wrote the Tweets?
"To be clear, the US welcomes responsible innovation, including new technologies that ...expand access to financial services....That being said, with respect to Libra and other cryptocurrencies, the overarching goal is to protect the integrity of our financial system"
"Treasury takes very seriously the role of the US dollar as the world's global reserve currency."
Bingo. Last line of the prepared statements before moving to questions.
Bingo. Last line of the prepared statements before moving to questions.
Question: "Facebook's had privacy issues: how does that plan into your concerns"
Munchin: "We obviously have issues with privacy....Whether they're banks or non banks, they're under the same regulatory environment under FINCEN"
Munchin: "We obviously have issues with privacy....Whether they're banks or non banks, they're under the same regulatory environment under FINCEN"
Question: "...what do you tell Americans who want to invest in Bitcoin and cryptocurrencies?"
Munchin: "Our #1 issue is that we don't want bad actors to use cryptocurrencies. These cryptocurrencies have been dominated by bad actors and speculators"
Munchin: "Our #1 issue is that we don't want bad actors to use cryptocurrencies. These cryptocurrencies have been dominated by bad actors and speculators"
again... "there is a lot of illicit activity"
Every single question he brings it back to illicit activity.
This was the obvious narrative attack line and boy, have they taken it.
Every single question he brings it back to illicit activity.
This was the obvious narrative attack line and boy, have they taken it.
Asked about Venezuelan Petro
Munchin: "I'm not aware of anyone who is really using that."
"So the restrictions worked?"
Munchin: "Absolutely"
Munchin: "I'm not aware of anyone who is really using that."
"So the restrictions worked?"
Munchin: "Absolutely"
Question: "Can you be specific as to the illicit actions you're referring to"
Munchin: "...if you're trying to go around those entities to go on to the dark web and think you're not going to get caught, this is a warning."
Munchin: "...if you're trying to go around those entities to go on to the dark web and think you're not going to get caught, this is a warning."
Asked whether it favors banks/existing actors:
Munchin: "No, this is intended to be a level playing field."
Munchin: "No, this is intended to be a level playing field."
Jesus Christ every reporter is looking for a gotcha on a Trump tweet or something. Thanks for your important job dealing with the issue we're discussing, and your deep engagement with these important economic concerns, White House Press Corps.
And, that's that. Press conference co-opted.
SO - takeaways:
Munchin is setting a narrative framework for the future. Crypto anything that doesn't play by our rules is for criminals and terrorists.
And, by the way, playing by our rules is hard - and Libra isn't there.
SO - takeaways:
Munchin is setting a narrative framework for the future. Crypto anything that doesn't play by our rules is for criminals and terrorists.
And, by the way, playing by our rules is hard - and Libra isn't there.
LASTLY We're going to have a LIVE watch party for Facebook's testimony on Tue and Wed morning at 10AM EST.
We'll be broadcasting the livestream of the testimony along with a text chat from a bunch of cool crypto folks
Watch:
youtube.com/nathanielwhitt…
twitch.tv/nlwcrypto
We'll be broadcasting the livestream of the testimony along with a text chat from a bunch of cool crypto folks
Watch:
youtube.com/nathanielwhitt…
twitch.tv/nlwcrypto
From @NeerajKA @coincenter
@NeerajKA @coincenter Also:
