{"id":390340,"date":"2019-07-18T15:37:33","date_gmt":"2019-07-18T15:37:33","guid":{"rendered":"https:\/\/wncen.com\/?p=390340"},"modified":"2024-06-11T13:45:37","modified_gmt":"2024-06-11T13:45:37","slug":"secretary-mnuchin-cnbc-bitcoin-criticism","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/secretary-mnuchin-cnbc-bitcoin-criticism\/","title":{"rendered":"CNBC Analyst Calls Secretary Mnuchin Out on Bitcoin Criticism"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">This week, the crypto market has been turned upside down after United States President Donald Trump tweeted about Facebook Libra, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, and crypto. The tweet heard \u2018round the world in the crypto space started a domino effect with nearly every US politician and regulatory body making comments about the digital asset class.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In a new interview with Joe Kernen on CNBC\u2019s Squawk Box, Secretary of Treasury Steven Mnuchin said he shares the president\u2019s concerns over cryptocurrencies, and plans to enforce \u201cvery very strong\u201d regulations over digital currencies, which he says are used for an abundance of illicit activities. He even defends cash for being used for the same activities, much to Kernen\u2019s suprise.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">US Secretary of Treasury: We Won\u2019t Let Bitcoin Become the New Swiss Bank Account<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Earlier in the week, <a href=\"https:\/\/home.treasury.gov\/about\/general-information\/the-secretary\" rel=\"nofollow\">Steven Mnuchin<\/a>, United States Secretary of Treasury, held an emergency meeting on Bitcoin, saying they are used for \u201ccybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking,\u201d and revealed that the government would soon be cracking down on exchanges offering the digital asset class.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/16\/facebook-libra-distrust-crypto\/\">The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Continuing his crusade against Bitcoin, the politician and financial regulator says that he and his branch will be enforcing regulations \u201cvery, very strong\u201d across the space.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Are you saying cash has never been used for illicit purposes, <a href=\"https:\/\/twitter.com\/JoeSquawk?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@joesquawk<\/a> asks in response to Mnuchin&#39;s concerns about <a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#btc<\/a> <\/p>\n<p>&quot;We are going to make sure that bitcoin doesn&#39;t become the equivalent to swiss numbered bank accounts&quot; says <a href=\"https:\/\/twitter.com\/stevenmnuchin1?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@stevenmnuchin1<\/a> <a href=\"https:\/\/t.co\/EnBsteTHzU\" rel=\"nofollow\">pic.twitter.com\/EnBsteTHzU<\/a><\/p>\n<p>&mdash; Squawk Box (@SquawkCNBC) <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/57484034?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cWe are going to make sure that bitcoin doesn&#8217;t become the equivalent to Swiss numbered bank accounts which were obviously a real risk to the financial system,\u201d he concluded.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Mnuchin Pushes Back on Cash Associated Crime, Says Crypto Is the Concern<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">CNBC Squawk Box host Joe Kernen was immediately taken aback by the secretary\u2019s comments about Bitcoin and its usage for crime. His retort was that cash has been used by over the centuries for the same crime that the Secretary says.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He challenges the policy maker that if we stopped using a currency just due to it being used for illicit activities, we wouldn\u2019t even be using cash &#8211; which he says is \u201claundered all the time, and used for nefarious activities.\u201d<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/15\/us-treasury-crypto-warns-unlawful\/\">US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses<\/a>\u00a0<\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Mnuchin pushes back, saying that he doesn\u2019t think that \u201ccash is laundered all the time\u201d &#8211; a statement that visually shocks Kernen as can be seen by his facial expression reaction to the comment, as almost if he\u2019s in disbelief that the person in charge of money in the United States claims it isn\u2019t use for activities.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The US dollar is regularly exchanged under the table to avoid taxes, used in drug and human trafficking transactions, used for money laundering, and is essentially the \u201croot of all evil.\u201d Yet, Mnuchin and the rest of the world\u2019s regulators are somehow demonizing crypto, for being used as a vehicle for the exact same thing.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week, the crypto market has been turned upside down after United States President Donald Trump tweeted about Facebook Libra, Bitcoin, and crypto. The tweet heard \u2018round the world in the crypto space started a domino effect with nearly every US politician and regulatory body making comments about the digital asset class. In a new interview with Joe Kernen on CNBC\u2019s Squawk Box, Secretary of Treasury Steven Mnuchin said he shares the president\u2019s concerns over cryptocurrencies, and plans to enforce \u201cvery very strong\u201d regulations over digital currencies, which he says are used for an abundance of illicit activities. He even defends cash for being used for the same activities, much to Kernen\u2019s suprise. US Secretary of Treasury: We Won\u2019t Let Bitcoin Become the New Swiss Bank Account Earlier in the week, Steven Mnuchin, United States Secretary of Treasury, held an emergency meeting on Bitcoin, saying they are used for \u201ccybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking,\u201d and revealed that the government would soon be cracking down on exchanges offering the digital asset class. Related Reading | The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto Continuing his crusade against Bitcoin, the politician and financial regulator says that he and his branch will be enforcing regulations \u201cvery, very strong\u201d across the space. Are you saying cash has never been used for illicit purposes, @joesquawk asks in response to Mnuchin&#39;s concerns about #btc &quot;We are going to make sure that bitcoin doesn&#39;t become the equivalent to swiss numbered bank accounts&quot; says @stevenmnuchin1 pic.twitter.com\/EnBsteTHzU &mdash; Squawk Box (@SquawkCNBC) July 18, 2019 \u201cWe are going to make sure that bitcoin doesn&#8217;t become the equivalent to Swiss numbered bank accounts which were obviously a real risk to the financial system,\u201d he concluded. Mnuchin Pushes Back on Cash Associated Crime, Says Crypto Is the Concern CNBC Squawk Box host Joe Kernen was immediately taken aback by the secretary\u2019s comments about Bitcoin and its usage for crime. His retort was that cash has been used by over the centuries for the same crime that the Secretary says. He challenges the policy maker that if we stopped using a currency just due to it being used for illicit activities, we wouldn\u2019t even be using cash &#8211; which he says is \u201claundered all the time, and used for nefarious activities.\u201d Related Reading | US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses\u00a0 Mnuchin pushes back, saying that he doesn\u2019t think that \u201ccash is laundered all the time\u201d &#8211; a statement that visually shocks Kernen as can be seen by his facial expression reaction to the comment, as almost if he\u2019s in disbelief that the person in charge of money in the United States claims it isn\u2019t use for activities. The US dollar is regularly exchanged under the table to avoid taxes, used in drug and human trafficking transactions, used for money laundering, and is essentially the \u201croot of all evil.\u201d Yet, Mnuchin and the rest of the world\u2019s regulators are somehow demonizing crypto, for being used as a vehicle for the exact same thing.<\/p>\n","protected":false},"author":517,"featured_media":390343,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,48424,47300,48120],"class_list":["post-390340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-joe-kernen","tag-squawk-box","tag-steven-mnuchin"],"acf":[],"yoast_head":"\n<title>CNBC Analyst Calls Secretary Mnuchin Out on Bitcoin Criticism<\/title>\n<meta name=\"description\" content=\"During a CNBC segment of Squawk Box, Secretary of Treasury Steven Mnunchin demonized Bitcoin, yet defended the US dollar for the same illicit use.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/secretary-mnuchin-cnbc-bitcoin-criticism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CNBC Analyst Calls Secretary Mnuchin Out on Bitcoin Criticism\" \/>\n<meta property=\"og:description\" content=\"During a CNBC segment of Squawk Box, Secretary of Treasury Steven Mnunchin demonized Bitcoin, yet defended the US dollar for the same illicit use.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/secretary-mnuchin-cnbc-bitcoin-criticism\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-18T15:37:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:45:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/bitcoin-crypto-money-laundering-shutterstock_1026248713.jpg?fit=5184%2C3456\" \/>\n\t<meta property=\"og:image:width\" content=\"5184\" \/>\n\t<meta property=\"og:image:height\" content=\"3456\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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