Search
Search
US Treasury Requests Enhanced Crypto Oversight from Congress

US Treasury Seeks Congress’ New Crypto Crackdown Powers

0
0

609 Listen to this article In a significant development, Deputy Treasury Secretary Wally Adeyemo has urged Congress to grant new […]

Latest News

Listen to this article

In a significant development, Deputy Treasury Secretary Wally Adeyemo has urged Congress to grant new powers that would help combat the illicit use of cryptocurrencies, particularly in light of digital asset flows allegedly linked to the Palestinian militant group Hamas. This call for enhanced regulation comes as the Biden administration escalates its efforts to curb illicit financial activities associated with cryptocurrencies.

The Urgent Call for Congressional Action

During his speech at the annual meeting of the Securities Industry and Financial Markets Association in Washington, Adeyemo emphasized the urgency of the situation, pointing to the recent attack by Hamas on Israel as a catalyst for renewed focus on the illicit financial use of digital assets. It has come to light that Hamas has actively sought to raise funds through cryptocurrency, making it imperative to address this growing concern.

Adeyemo noted, “There are places where we think Congress needs to act. We’re going to work with Congress to get more tools.” The reference to Congress taking action highlights the Treasury Department’s determination to address the nefarious use of cryptocurrencies.

Read Also: US Congressman Proposes Plan to Ban Congressional Stock Trading

Read Also:  Plummeting AI Token Values Anticipate Swift Bounce-back

Cryptocurrency’s Role in Financing Militant Groups

The role of digital assets in financing militant groups has gained renewed attention following the attack on Israel. In response, the Treasury Department has taken measures to scrutinize the activities of international “mixers,” which are cryptocurrency exchanges that provide anonymity to their users. These mixers have been identified as potential hubs for money laundering, with Hamas and the Palestinian Islamic Jihad being cited as specific concerns in this regard.

The Need for Comprehensive Efforts

While acknowledging the Treasury Department’s previous actions, Adeyemo stressed that more comprehensive efforts are required to combat the illicit use of cryptocurrencies, both from the government and the cryptocurrency industry itself.

Read Also: ARK Invest updates spot Bitcoin ETF proposal in response to SEC criticisms

A Call for Industry Self-Regulation

Adeyemo called on the cryptocurrency industry to take proactive steps toward self-regulation, stating, “What I’m going to continue to say to the industry is that you have the ability in many ways to self-regulate, and to ensure that you’re safeguarding your assets from being exploited to further heinous acts, like what Hamas did, or falling into the hands of digital criminals.

In addition to urging self-regulation within the industry, Adeyemo reaffirmed the Treasury Department’s commitment to taking necessary actions and collaborating with lawmakers to promote responsible innovation within the cryptocurrency sector.

Congressional Inquiry and Ongoing Debate

Last month, more than 100 lawmakers raised questions regarding the Treasury Department’s stance on cryptocurrency usage by terrorist groups and the potential legislative measures that could address this pressing issue. This congressional inquiry was prompted by news reports linking digital assets to the funding of terrorist organizations, including Hamas. While some voices within the cryptocurrency sector have argued that the role of digital assets in funding terrorist organizations has been exaggerated, the issue continues to be a subject of active debate.

Read Also:  Major Turbulence in Crypto Market: Understanding the $600 Million Liquidation and Price Collapse

Read Also: Hamas-Linked Crypto Accounts Frozen by Israeli Police, With Binance’s Help

Conclusion

The call for Congress to strengthen its role in regulating cryptocurrencies to combat illicit activities is expected to fuel discussions in the coming months. As the cryptocurrency industry grapples with increased scrutiny and pressure for self-regulation, the balance between privacy and security in the digital asset space remains a critical concern. The Treasury Department’s move to push for enhanced regulatory powers highlights the evolving landscape of cryptocurrency regulations and the ongoing battle against their misuse.

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and LinkedIn.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase