Here's a smart person deconstructing Steven Mnuchin's dumb speech about cryptocurrencies

Secretary of the Treasury Steven Mnuchin made a fortune during the real estate boom when he rushed delinquent homeowners out of their homes by violating notice and waiting period statutes, illegally backdated key documents, and effectively gamed foreclosure auctions.

This unctuous gentleman would like you to believe that Bitcoin is the place where financial crime is happening now, most likely as a way to distract people from the fact that the crimes perpetrated by the major financial institutions owned by his friends dwarf the fraudulent activities around Bitcoin.

Mnuchin really wanted to go after financial fraud, he'd do something about Deutsche Bank. But he won't because he likes his job too much. Read the rest