Treasury Official: Government Needs More Tools and Resources to Combat Crypto Crime
A representative from the United States Department of the Treasury has emphasized the need for enhanced measures to tackle illicit finance within the cryptocurrency industry. In his written testimony for a House Financial Services Committee hearing, Treasury Under Secretary for Terrorism and Financial Intelligence (TFI) Brian Nelson highlighted the misuse of crypto assets by threat actors such as ransomware cybercriminals, North Korea’s cyber actors, scammers, and terrorist groups.
Nelson acknowledged that bad actors exploit vulnerabilities in the crypto space, including jurisdictional arbitrage and non-compliance with anti-money laundering and counter-terrorism financing obligations by financial institutions. While the TFI already employs various tools to address these issues, Nelson stated that evolving threats require additional resources and tools.
The Treasury official expressed a willingness to collaborate with Congress in implementing practical reforms to update their capabilities and effectively combat illegal transactions in the crypto market.
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