US Treasury Seeks Additional Crypto-related Powers
During a hearing in the US Senate, Deputy head of the Ministry of Finance Wally Adeyemo expressed concern over the increasing use of cryptocurrencies for illegal activities.
Citing the example of al-Qaeda raising funds through Bitcoin on social media, Adeyemo emphasized the need for additional control tools to monitor compliance with secondary sanctions.
He also called for legislation to expand the agency’s jurisdiction in the digital asset ecosystem and establish rules for regulating foreign companies in the industry.
Adeyemo added that it’s not just terrorist organizations like Hamas that are utilizing cryptocurrencies for funding, but also drug traffickers, cyber criminals, and individuals involved in child sex abuse.
Democratic Senator Elizabeth Warren also raised concerns about the use of cryptocurrency by various illegal actors and stressed the need for effective regulation to combat this issue.
