The US Treasury, through one of its proxies, has de facto called for a one-world government that serves one purpose, stop crypto before it undermines all of the world’s ‘great’ state-supported, state-protected, state-directed financial institutions.
The undersecretary of the U.S. Treasury’s Office of Terrorism and Financial Intelligence, Sigal Mandelker, is calling on world governance of crypto to, of course, protect the people from bad guys and rogue regimes that might use that anonymous power to shift wealth in ways that prevent proper states from getting their cut. You can read the more a civil (aka, sanitized poop) version below.
But keep going, because I have a little something to say afterwards.
|US Treasury Official Calls for Global Crypto Regulation|
The undersecretary of the U.S. Treasury’s Office of Terrorism and Financial Intelligence called on the international community for stronger cryptocurrency regulations to help protect the financial system and national security in a speech yesterday.
Citing Venezuela’s recent introduction of the “petro” cryptocurrency as an example, Sigal Mandelker told the Securities Industry and Financial Markets Association Anti-Money Laundering and Financial Crimes Conference that rogue regimes, terrorists and others use cryptocurrencies to “exploit the financial system,” “hide their ill-gotten gains” and “finance their illicit activities.”
Mandleker went on to say that there is a lack of consistent international regulation of cryptocurrency “providers” with regard to anti-money laundering (AML) and combatting the financing of terrorism (CFT).
She told the conference:
“The lack of AML/CFT regulation of virtual currency providers worldwide greatly exacerbates virtual currency’s illicit financing risks. Currently, we are one of the only major countries in the world, along with Japan and Australia, that regulate these activities for AML/CFT purposes. But we need many more countries to follow suit, and have made this a priority in our international outreach.
|Read More at coindesk.com|
Make no mistake, all of these calls for world governance (and this isn’t the first such call) is a sure sign that what is emerging in crypto is making the coercive enterprises extremely nervous. Methinks they’re trying to light a match in the middle of a tempest, but for a brief moment, there will be a terrible flash that, in the end, will be, as Shakespeare said, all sound and fury signifying nothing.
They cannot stop what’s coming. They can only desperately hope that SOMEHOW they can convince enough people that they can. But in the end, it is only voluntary compliance that will make their regulations succeed. Enforcing their regulations against those who don’t voluntarily comply, however, is another matter altogether.