U.S. Treasury Secretary Calls for Increased Authority to Address Crypto Use by Terrorist Groups
U.S. Treasury Secretary Janet Yellen has expressed the need for increased authority within the Treasury Department to address the alleged utilization of crypto by terrorist groups.
During a Senate Banking Committee hearing, Senator Sherrod Brown raised concerns about the misuse of cryptocurrencies by malicious actors and asked Yellen about the necessary updates required to confront this issue.
Democrats Raise Concerns About Crypto Use by Terrorist Groups
Some Democrats at the hearing expressed concerns about terrorist groups using digital assets to raise and transfer funds. Senator Brown mentioned groups like Hamas, Al-Qaeda, and Hezbollah and questioned whether counter-terrorism tools needed to be updated to respond to the risks created by digital assets.
Yellen acknowledged that the Treasury Department could benefit from additional authority to address the issue.
Senators Introduce Bill to Tackle Crypto Terrorism Financing
In December, Senators Warner, Rounds, Reed, and Romney introduced the Terrorism Financing Prevention Act. The proposed bill expands the Treasury Department’s authority to identify foreign financial institutions and digital asset companies that facilitate transactions for groups like Hamas.
Yellen expressed support for the aims of the bill and stated that it would help give the Treasury authorities to better deal with the threat. Senator Warner considered her comments as an endorsement.
The Need for Enhanced Regulatory Measures
The discussion highlighted growing concerns about the illicit use of crypto by terrorist groups. The Treasury Department, under Yellen’s leadership, aims to strengthen its authority to effectively address these risks associated with digital assets and their potential exploitation by bad actors.
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