CBDC Regulation Urgently Required – US Treasury
(11 April 2022 – United States) United States (US) Treasury Secretary Janet Yellen firmly believes more government regulation is required to ensure the safe proliferation of cryptocurrency and defend against fraudulent and illicit transactions.
The announcement by the US Treasury follows several notable examples of alleged cryptocurrency laundering and fraud in 2022 so far. In February, the Justice Department announced its largest-ever financial seizure of over US$3.6 billion and the arrests of a couple accused of conspiring to launder billions of dollars in cryptocurrency stolen from the 2016 hack of a virtual currency exchange.
The New York couple Lichtenstein and Morgan were accused of conspiring to launder the proceeds of 119,754 bitcoin that were stolen from Bitfinex after an attacker compromised the platform and initiated more than 2,000 unauthorized transactions. In March, federal regulators accused two siblings of defrauding thousands of investors out of US$124 million in unregistered securities offerings involving a digital token.
“Taxpayers should receive the same type of tax reporting on digital asset transactions that they receive for transactions in stocks and bonds, so that they have the information they need to report their income to the IRS” Yellen said.
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