U.S. Secretary of State Pompeo says crypto should be regulated like SWIFT and other electronic financial transactions

U.S. Secretary of State Michael Pompeo, one of Donald Trump's closest advisors, has said that cryptocurrencies, such as bitcoin and Facebook's upcoming cryptocurrency Libra, should be regulated in the same manner as all other electronic financial transactions.

Pompeo shared his thoughts in an interview with CNBC on Tuesday, saying: "The same set of requirements that apply to things flowing through SWIFT or flowing through our financial institutions ought to apply to those transactions as well."

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Pompeo, however, hopes that the world does not move in the direction of anonymous cryptocurrency transactions, as it would "decrease the security for the world."

"The risk with anonymous transactions is one that we all know well. We know this from 9/11 and terror activity that took place in the 15 years preceding that, where we didn't have good tracking; we didn't have the capacity to understand money flows and who was moving money," Pompeo said, adding:

"We need to preserve a financial system, a global financial system, that protects that."

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.