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US Treasury Deputy Secretary Calls for Regulatory Tools Against Illicit Finance in Cryptocurrencies
During a hearing before the Senate Banking, Housing and Urban Affairs Committee, Deputy Secretary Wally Adeyemo highlighted the growing concern of terrorist groups and state actors utilizing virtual currencies to conceal their identities and transfer resources.
Concerns Raised by Adeyemo
- Adeyemo emphasized the need for expanded enforcement efforts to combat illicit finance activities.
- He warned about the increasing use of virtual assets by groups like North Korea and Russia.
- Adeyemo urged Congress to provide regulatory tools to target foreign digital asset providers facilitating illicit finance.
Importance of Crypto Regulations
Adeyemo stressed the necessity of closing regulatory gaps and extending authorities to cover entities like virtual asset wallet providers and cryptocurrency exchanges.
Industry Support for Regulations
Coinbase Global and Circle Internet Financial have also called for stablecoin regulations and improvements in the digital asset market structure.
UN Report on Tether’s Role in Illicit Financing
A recent United Nations report highlighted concerns about Tether’s role in cyber fraud and money laundering activities, especially in Southeast Asia.
Response from Tether
Tether refuted the claims and emphasized its collaboration with law enforcement agencies to ensure the traceability of its token.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
