Cryptocurrencies
Mnuchin Says Crypto Stablecoins ‘Shouldn’t Be Like Casino Chips’
- Former Treasury head favors regulation, banking guidelines
- President’s Working Group on Financial Markets to issue report
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With U.S. financial officials poised to to issue a report on stablecoins, former U.S. Treasury Secretary Steven Mnuchin said the cryptocurrencies designed to be pegged to other assets such as the dollar should be regulated and their underlying funds put into banks.
“They shouldn’t be like casino chips,” Mnuchin said Thursday at the Bloomberg Invest Global virtual conference. “If you are going to issue a stablecoin, the actual money should go be held in a regulated bank, in a trust account and the people who hold the stablecoins should be able to exchange those for real dollars at any time.”