U.S. Treasury Secretary Steven Mnuchin gave his testimony on cryptocurrency before the Senate Finance Committee on Wednesday. Mnuchin said crypto is a “crucial area” that the Treasury has spent a lot of time on. He also talked about stablecoins and announced that new crypto regulations focusing on transparency will be rolled out soon.

Also read: Trump Views Crypto a Threat, Proposes Countermeasures in New Budget

Mnuchin on Cryptocurrency

Steven Mnuchin, U.S. Secretary of the Treasury, testified before the Senate Finance Committee on Wednesday regarding President Donald Trump’s budget for the fiscal year 2021 released earlier this week. During the hearing, Senator Todd Young asked Mnuchin several questions about cryptocurrency and the challenges it creates for the U.S. government in various ways.

“Proponents of crypto believe it can benefit the everyday consumer by lowering transaction costs for online purchases and increasing protection from identity theft and breaking down various financial barriers,” Young began. “How does your…

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