The U.S. Treasury Department has asked the public for help with cryptocurrencies. In this context, she asked him to comment on how it can be used for financial crimes and the risks it poses. The request for comment follows three reports from the Treasury discussing the future of payments, crypto’s impact on consumers, and preventing crypto-related financial crimes.
Treasury asks the public to talk about cryptocurrency crimes
cryptocoin.com As we have reported, the U.S. Treasury Department is requesting public assistance in the field of cryptocurrencies. In this context, it seeks the help of the public to determine how to prevent financial crimes. The government’s finance office issued a request for comment on Monday. He invited the public to share their perspectives on digital assets and the role they can play in illicit finance.
The announcement references President Biden’s executive order “Ensuring the Responsible Development of Digital Assets,” which became law in March. It comes right after three crypto reports from the Treasury released Friday that cover the future of payments, the potential impact of technology on consumers and businesses, and ways to reduce financial crime. The White House also released its first comprehensive framework on regulating space on the same day. In today’s statement, the Treasury asked the public to voice their views on five issues.
- Illegal financing risks.
- money laundering (AML).
- Counterterrorism financing (CTF) regulations.
- Implementing global AML and CTF standards.
- Liaising with the private sector on AML and CTF regulations.
Treasury highlights DeFi, NFTs, CBDC
The Treasury’s memo includes a series of questions asking the public whether it “comprehensively defines the risks of illicit financing associated with digital assets.” It also asks the public to advise on the potential ‘illegal financing risks’ associated with DeFi and NFTs.
Other questions include possible ways the government can work to prevent crypto-related cybercrime and ransomware, how the Treasury can use its analytical tools to prevent illicit financing, and apply AML and CTF ‘controls’ to a US Federal Reserve Digital Currency. Updates from the White House and Treasury last week pointed to the possibility of multiple digital dollars. However, no such currency has yet been confirmed. Treasury is ready to assess the effects of launching a CBDC. However, it also tasked the Fed with ongoing research into how it could be designed.
Recent developments from the Biden Administration show that the Treasury is paying close attention to the cryptocurrency sector. However, it is still unclear how he plans to weigh in. Nor does it yet know how it plans to handle regulating the technology, according to today’s update. In Friday’s update, Treasury Secretary Janet Yellen pointed to “significant opportunities” in the crypto space. But the reports also focused sharply on potential risks. Today’s statement covering illicit finance concerns reiterates this point. This shows that the department is putting the cryptocurrency at a disadvantage. It also proves that it has a possible positive approach.
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