Mike Pompeo, the U. S. Secretary of State, wants to regulate Bitcoin (BTC). According to him, the asset should be regulated in the same way that all other financial transactions which made online currently are.
During a recent interview with CNBC’s Squawk Box, he affirmed that anonymous transactions are very risky and that terrorists might start to use it if they remain unregulated. According to him, the country has moved forward a lot when it comes to tracking money, so not doing it would open a breach for illegal activities.
To him, if anonymous transactions become the norm, this would greatly decrease the security of the whole world, which can become an issue as time passes.
The host of the show, Koe Kernan, brought up that the Treasury Secretary Steve Mnuchin affirmed that more Bitcoin is used for illegal activities than cash. Pompeo supported the other secretary in his allegations against crypto.
According to Mike Pompeo, however, the main difference between him and his colleague is that Mnuchin wants a very tight and specific regulation on Bitcoin, while he believes that the asset should just be regulated as any other asset currently is.
Unfortunately, neither of the secretaries seem to understand Bitcoin very well. It has been proved several times that fiat currency is used way more than Bitcoin in money laundering and terrorism financing, so there is no excuse to keep being ignorant on the subject.
Bitcoin is also very hard to regulate, so they would probably have a very difficult time to do the same that can be done to similar digital transactions.