According to Bloomberg, US Deputy Treasury Secretary Adewale O. Adeyemo requested new sanctions powers from Congress to combat illegal financial transactions made through cryptocurrencies.
In his written statement prepared for the Senate Banking, Housing and Urban Affairs Committee Hearing, Adeyemo pointed out that terrorist groups have been trying to benefit from cryptocurrencies for the past few years.
Adeyome also said that these terrorist groups are doing more to hide their identities and sources. cryptocurrency He stated that this situation is now a big problem, stating that he uses it.
“Our problem is that actors are increasingly finding ways to hide their identities and move resources using cryptocurrencies.”
Especially groups such as Syria-based Al Qaeda Bitcoin (BTC) Deputy Minister Adeyemo emphasized in his statement that malicious actors, including state actors such as Iran’s Quds Force, North Korea and Russia, use cryptocurrencies.
At this point, Russia’s efforts to circumvent sanctions and continue its war financing stablecoin Stating that he uses alternative payment methods such as, Adeyemo stated that urgent measures should be taken on this issue.
“Sanction Powers Need to Be Expanded!”
Finally, reminding the Committee of the proposals presented to the Committee in November to expand the sanctions powers of the Treasury, Adeyemo stated that the three main reforms included in the proposals were necessary.
“As of now, the U.S. Treasury has the authority to ban U.S. accounts and transactions of foreign entities engaging in questionable activities.
But unlike banks, foreign cryptocurrency exchanges and some money services businesses do not have or depend on correspondent accounts for all their transactions. That’s why the US government needs to have a new secondary enforcement authority.
As a result, the U.S. Treasury’s powers to stop all forms of illegal crypto financing and monitor crypto exchanges need to be expanded, giving the treasury greater authority to impose sanctions against crypto exchanges.”
*This is not investment advice.
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