United States Treasury Secretary Steven Mnuchin called the use of cryptocurrencies to fund illicit activity a national security issue at a press conference on July 15.
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking. This is indeed a national security issue,” he said.
Thus, Mnuchin quoted President Donald Trump’s latest tweet on crypto, saying: “As the President has said: ‘Bitcoin is highly volatile and based on thin air’” and “Treasury takes very seriously the role of the U.S. dollar as the world’s reserve currency.”
As a reminder, President Trump tweeted out a series of anti-crypto remarks on July 12, following his “Social Media Summit” for conservative personalities. Trump remarked that the value of crypto is “highly volatile and based on thin air” and that they can “facilitate unlawful behavior.”