Share this article
US Treasury Secretary: We're Looking 'Carefully' at Illicit Uses of Bitcoin
The U.S. Secretary of the Treasury, Steven Mnuchin, has said his department is looking into the illegal uses of cryptocurrencies such as bitcoin.
Updated Dec 11, 2022, 1:51 p.m. Published Nov 10, 2017, 12:05 p.m.
The U.S. Secretary of the Treasury, Steven Mnuchin, has said his department is looking into the illegal uses of bitcoin.
In an interview with Yahoo Finance, Mnuchin said the situation should be examined "very carefully," stressing it is important to ensure that bitcoin is not used for "illicit purposes."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Mnuchin stated:
"So we want to make sure that you don't have the dark web funded in bitcoins. And that's something that is a concern of ours today."
The issue is one he is discussing with international counterparts, he said.
Mnuchin added that bitcoin dealers in the U.S. must comply with know-your-customer and Bank Secrecy Act requirements, which are aimed to counter money laundering and fraud.
Regarding Treasury's stance on cryptocurrencies, the secretary indicated there is no timeline for any announcements, though he emphasized that government working groups are "looking into it."
The comments come only days after the Treasury revealed a plan to review the U.S. Financial Crimes Enforcement Network's (FinCEN) cryptocurrency practices.
The department said at the time: "We plan to determine how FinCEN identifies, prioritizes, and addresses money laundering and terrorist financing risks associated with virtual currencies."
Steven Mnuchin image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
