Mnuchin Says U.S. Planning Cryptocurrency Rules on Transparency

Treasury Secretary Steven Mnuchin said Wednesday the U.S. soon will announce new regulations related to crytocurrency and digital payment systems.

Mnuchin told a Senate Finance Committee hearing that the department’s Financial Crimes Enforcement Network is preparing rules that will improve transparency and prevent cryptocurrencies from being used as “secret bank accounts.”

“We will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering,” Mnuchin said.

The Financial Crimes Enforcement Network works to prevent money laundering, terrorist financing and other ...