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Post: U.S. Treasury Calls for More Authority to Combat Illicit Activities in Crypto Space

U.S. Treasury Calls for More Authority to Combat Illicit Activities in Crypto Space

Key Points:

  • The U.S. Treasury is requesting more authority to hold firms accountable for illicit activities in the cryptocurrency space.
  • Brian Nelson, the Treasury’s Under Secretary for Terrorism and Financial Intelligence, expressed these concerns in his prepared statement for a congressional hearing.
  • These concerns align with increased attention from lawmakers, such as Sen. Elizabeth Warren, who has been pushing for her anti-money laundering bill targeting illicit use of cryptocurrencies.

U.S. Treasury Seeks More Authority to Combat Illicit Activities in Crypto Space

A U.S. Treasury official has addressed concerns about cryptocurrencies being used for illicit finance in a testimony before the House Financial Services Committee. The official, Brian Nelson, who is the Treasury’s Under Secretary for Terrorism and Financial Intelligence, emphasized the need for more authority to go after bad actors in the crypto space.

In his prepared statement for a congressional hearing on terrorism and cryptocurrency crimes, Nelson highlighted the challenges faced by the agency in dealing with illicit activities in the crypto industry. He called for better laws and more support to effectively address these challenges.

Increased Focus from Washington Lawmakers

Nelson’s statement comes at a time when Washington lawmakers are increasingly focused on regulating the cryptocurrency market. Sen. Elizabeth Warren, in particular, has been pushing for her anti-money laundering bill, the Digital Asset Anti-Money Laundering Act (DAAMLA). The bill specifically targets the illicit use of cryptocurrencies for money laundering and financing terrorism.

With the Treasury’s request for more authority and the ongoing efforts of lawmakers like Sen. Warren, it is evident that there is a growing recognition of the need to address illicit activities in the cryptocurrency space.

Hot Take

The U.S. Treasury’s call for more authority to combat illicit activities in the cryptocurrency space reflects the increasing concern and attention surrounding the potential risks associated with cryptocurrencies. As the crypto industry continues to grow, regulators and government agencies are recognizing the need to establish appropriate frameworks to prevent and address illegal activities. Striking a balance between regulatory oversight and fostering innovation will be crucial in achieving a safer and more secure crypto ecosystem.

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