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7/24/2019, 6:43 PM (Source: TeleTrader)
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US regulators to work on new crypto rules - Mnuchin

United States regulators should issue new rules on cryptocurrencies to limit the negative impact they may have on the financial system, Treasury Secretary Steven Mnuchin (pictured) said on Wednesday.

"We're going to make sure we have a unified approach to [cryptocurrencies] and my guess is that there are going to be more regulations that come out from all these agencies," Mnuchin told CNBC. The official, who called bitcoin a national security issue last week, repeated concerns crypto was used for illicit purposes. Besides Mnuchin, US President Donald Trump has also been critical of digital currencies, claiming they were "highly volatile and based on thin air."

Earlier, United Kingdom's Financial Conduct Authority proposed a ban on the sale of crypto-based derivatives due to extreme volatility in crypto prices, the inherent nature of the underlying assets, which have no reliable basis for valuation, the inadequate understanding of the products, and prevalence of market abuse and financial crime in the secondary market for cryptoassets.

Bitcoin was down 2.91% to $9,572.40 at 10:41 am ET, while ethereum fell 1.39% to $209.38 at the same time.

Breaking the News / MD