US Treasury Department Seeks Additional Authority to Go After Illegal Cryptocurrency Users

The US Treasury Department is asking Congress for more authority to go after bad actors in the cryptocurrency industry, a senior official said.

According to the statements of Deputy Treasury Secretary Wally Adeyemo, the Ministry informed the lawmakers about the issue. a new method of sanctions He offered some suggestions, including:

Adeyemo, “We call on Congress to create a secondary sanctions regime that would not only sever a firm from the U.S. financial system, but would also subject any firm that continues to do business with the sanctioned entity to being severed from the U.S. financial system.” he said and “This is an important tool that we did not just ask for. “But we need to do everything we can to ensure that groups like Hamas cannot find a safe haven within the digital asset ecosystem.” He continued:

Members of parliament in the US are protesting following the publication of reports on the use of cryptocurrencies by organizations such as Hamas. Preventing the use of cryptocurrencies in financing terrorism He called on Joe Biden to

Deputy Secretary warns of “dollar-backed stablecoin providers” outside the US Failure to take necessary precautions against terrorism US dollar should not use he thinks.

Ministry, cryptocurrency service providers be able to target foreign bank accounts as effectively as from Congress for “new, secondary enforcement tools” He demands to give it.

In this regard, the information given to the Ministry within the scope of the Bank Secrecy Act (BSA) Authorities will also target crypto money organizations. It is requested to increase. The Ministry’s recommendations include opening a category within the BSA that will include “cryptocurrency exchanges, Virtual Asset Service Providers, virtual asset wallet providers, major blockchain validator nodes and decentralized financial services.”

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