Former Treasury Secretary Mnuchin Says He Wouldn’t Invest in Crypto

Former U.S. Treasury Secretary Steven Mnuchin has stated that he personally would not invest in cryptocurrencies. 

Mnuchin has also stressed the importance of maintaining a strong U.S. dollar.  

Mnuchin’s comments has been criticized by some cryptocurrency industry participants. 

“So fed up with statements like this…Crypto is just a wrapper that houses all types of assets. No two digital assets are structured the same,” Arca CIO Jeff Dorman said. 

Mnuchin’s past anti-crypto views 

During his tenure, Mnuchin emerged as a leading cryptocurrency villain due to some anti-Bitcoin statements. 

Back in 2019, Mnuchin stated that cryptocurrencies posed a national security threat due to their illicit use cases. 

Related

Under his leadership, the U.S. Treasury Department proposed introducing draconian know-your-customer requirements for self-hosted crypto wallets, attracting a significant backlash from lawmakers 

Later, however, he claimed that buying Bitcoin was “perfectly fine.” 

From skeptics to crypto cheerleaders  

Janet Yellen, Mnuchin’s successor, has advocated for crypto regulation that would reduce risks as well as fraud. During a 2022 CNBC interview, Yellen said that she was still skeptical of crypto despite acknowledging that it had some benefits. 

Scott Bessent, who was recently confirmed as the new US Treasury secretary, is particularly known for his pro-crypto stance. Bessent has also opposed the idea of creating a central bank digital currency (CBDC).