In a significant move to bolster its fight against illicit finance, the U.S. Treasury has voiced its concerns regarding crypto crime to House lawmakers. The agency is pushing for enhanced legislative tools and resources to tackle these challenges effectively.
Nelson expressed the Treasury’s deep-seated worries about using virtual assets in illicit financial activities. His comments come at a time when Washington lawmakers have been intensifying their focus on combating illicit finance within the cryptocurrency sector. The Treasury has been working on a framework aimed at combating the financing of terrorism while promoting responsible innovation.
Despite having some tools to address issues, Nelson emphasized the necessity for additional tools and resources. He highlighted the importance of working with Congress to adopt reforms that would update the Treasury’s tools and authorities to better address today’s evolving financial landscape.
Treasury Seeks More Power to Tackle Crypto Crime
The Treasury Department has recommended that lawmakers amplify its authorities, including implementing new sanctions tools to pursue bad actors in the crypto space more effectively. Nelson also discussed efforts to prevent groups like Hamas from utilizing digital assets to support terrorism.
This proactive stance is part of a broader strategy to ensure that the financing mechanisms tied to entities like Hamas are targeted and disrupted. The Treasury’s commitment to this cause was further underscored by the release of its 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing.
The Treasury’s call for enhanced legislative tools and resources is set against growing concern over using digital assets in illicit financial activities. The forthcoming hearings by the House Financial Services Committee on crypto and illicit activity signify the increasing attention paid to this issue at the highest levels of government.
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