U.S. Treasury Secretary Steve Mnuchin held a press briefing to discuss cryptocurrency on Monday discussing recent interest in digital assets like Bitcoin and Libra. "Treasury has very serious concerns that "...Libra could be misused by money launderers and terrorist financiers," Mnuchin said. He called regulating the use of cryptocurrencies "a national security issue" in context of money laundering and other illicit use cases.
"FinCEN every entity that transacts in Bitcoin, Libra, or any other cryptocurrency to its highest standards," Mnuchin said. He reiterated comments from President Donald Trump that Bitcoin is "highly volatile" and "based on thin air."
"The U.S. welcomes responsible innovation," Mnuchin clarified. But the Treasury's overriding goal is to "protect the integrity of our financial system." Answering questions about Facebook's Libra team, Mnuchin said several times that "they got a lot of work to do" to demonstrate regulatory compliance and "make us comfortable."
"Our number one issue is: we don't want bad actors using cryptocurrencies," Mnuchin explained - Link
Democrats in Congress are considering the Keep Big Tech Out of Finance Act: a bill that would prohibit tech firms from offering banking services; the current text of the bill, which has not yet been introduced, bans affiliation between tech platforms and financial institutions; the bill would likely require Facebook to spin off its Libra cryptocurrency project - Link
📚 Decentralizing Bitcoin mining can happen via BetterHash writes StopAndDecrypt. The BetterHash protocol allows individual miners to run their own node, select transactions, create blocks, and mine them without coercion from mining pools. By jettisoning pool authority numerous exploitations are side stepped:
Certain transactions cannot be blacklisted
Blockchain re-orgs are near impossible
Pools cannot backlog transactions to increase fees
Hashing power cannot be directed without consent
Instances of dishonest mining decrease in likelihood
Signaling group support for proposals increases in difficulty