The United States Treasury Addresses Congress on Crypto Finance Concerns
The United States Treasury is preparing to discuss the challenges posed by cryptocurrencies to existing financial regulations in a Congressional hearing. Brian Nelson, the Treasury’s Under Secretary for Terrorism and Financial Intelligence, will express concerns about the use of virtual assets in illicit financial activities. Nelson emphasizes the Treasury’s focus on combating illicit finance and implementing an anti-money laundering and counter-terrorism financing framework for digital assets. While digital assets are currently a small fraction of terrorist funding mechanisms, Nelson acknowledges that terrorist groups may increasingly turn to cryptocurrencies for fundraising and money transfers.
Blockchain Association Raises Concerns Over Proposed Bill
U.S. Senator Elizabeth Warren has introduced the Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA), which has sparked debate within the crypto community. The bill aims to strengthen regulations surrounding the use of digital assets in illicit finance. The Blockchain Association has expressed concerns about the proposed legislation, arguing that it risks undermining the strategic advantage of the United States, threatens jobs, and has little impact on illicit actors. The association has written a letter to the House Financial Services Committee and Senate Banking Committee to voice their concerns. They also refute Warren’s allegations and defend the involvement of military and intelligence veterans in the crypto discussion.
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