Kristin Smith, CEO of the Blockchain Association, dismisses rumors that the United States Department of the Treasury was close to taking action against Bitcoin (BTC) and cryptocurrencies.
The truth is, cryptocurrencies plummeted on Sunday. Due to unconfirmed rumors that the Treasury Department could increasingly crack down on the sector. Under the pretext of preventing money laundering.
Because of this, Fundstrat’s Leeor Shimron said: “There have been a lot of rumors and speculation about what pushed the market lower over the weekend».
Likewise, Diego Morín, analyst at IG Markets remarked: “Bitcoin has lost as much as 14% after speculation that the US Treasury may be looking to crack down on money laundering activity related to cryptocurrencies.».
Kristin Smith dismisses rumors about anti-Bitcoin measures
Indeed, the value of Bitcoin has skyrocketed this year, but the sharp drop in its price this weekend appears to have been triggered by an unconfirmed rumor on Twitter that the Treasury Department was planning to take action against laundering schemes. of money related to cryptocurrencies.
In particular, in an interview in “Squawk Box” of CNBC, Kristin Smith discredited the reports, stating that it was up to the Justice Department to accuse the companies of money laundering.
Certainly Kristin Smith speaks through a Twitter thread about the unconfirmed rumors:
“There has been enormous confusion in recent days regarding what the Treasury can or cannot do regarding the regulation and enforcement of cryptocurrencies. Indeed, here are the facts, a theory about the source of confusion.
Similarly, Smith continues his explanation around the case:
“First, you have to be clear about who does what: the Secretary of the Treasury is not involved in enforcement decisions. In other words, the execution is in charge of career professionals in the Treasury.
Very important: «Yellen has not created a Workgroup that is analyzing the regulation of cryptocurrencies. But this could change in the future.
As a fun fact, “The lesson is: beware of tweets from suspicious accounts. Instead, get to know the real financial system bodies, which can and do shape the regulatory game.
Notably, for Smith, events like Coinbase’s listing on Nasdaq offer evidence of the growing market validation for the crypto industry. A phenomenon that the Washington authorities can hardly ignore.
Blockchain Association pushes to talk about cryptocurrency regulations
For its part, the US-based cryptocurrency advocacy group, the Blockchain Association, is pressuring key figures in the Biden administration to advocate for more favorable regulations.
So, Kristin Smith, indicated that the group is still in the process of scheduling meetings with high-ranking White House officials, including the Secretary of the Treasury, Janet Yellen.
In any case, citing Yellen’s comments that the main utility of cryptocurrency is the «illicit financing“Smith said the main objective of the association was to help the head of the Treasury to”understand the value of cryptocurrency networks».
“Our number one priority is to help Yellen understand that cryptocurrencies go beyond financing criminal companies.”
And so, do you agree with Kristin Smith’s allegations, about the measures against Bitcoin? Let me know in the comment box.
Finally, at the time of writing this article, Bitcoin is beginning to recover. Trading above $ 55,000. This is recorded by our internal Crypto Online tool.
I retire with this phrase by Arthur Schopenhauer: «The amount of useless rumors a man can bear is inversely proportional to his intelligence.».