A United States blockchain lobbying group executive says there is no danger of a crypto crackdown in the country.
Kristin Smith, executive director of the Blockchain Association has dismissed fears that the United States Department of the Treasury was close to cracking down on Bitcoin (BTC) and cryptocurrencies.
Indeed, rumors of the Treasury bringing money laundering charges against some financial institutions using cryptocurrencies began circulating on social media over the weekend.
The report emerged during a period of massive selloffs in the crypto space, with the market capitalization dropping over $240 million as Bitcoin slid to $52,000.
In an interview with CNBC, Smith debunked the reports, stating that it was the Department of Justice’s remit to charge companies with money laundering.
Janet Yellen, the secretary of the US Treasury, is a noted crypto critic, who in February characterized the apparent misuse of cryptocurrencies for illegal activities as a growing concern.
Meanwhile, several studies show the criminal usage of cryptocurrencies accounts for a minute proportion of global crypto commerce.