The US Treasury Department, led by Deputy Secretary Wally Adeyemo, is intensifying its focus on the regulation of cryptocurrencies, particularly in the context of illicit financing and national security. Adeyemo is set to testify before the Senate Banking Committee, emphasizing the need for Congress to pass new regulatory tools to combat the misuse of digital assets by terrorist groups and other 'malign' actors. This comes amid a broader legislative push, highlighted by a new proposal by Senators Thom Tillis and Bill Hagerty, aimed at establishing a 'Digital Asset FI' regulatory regime. The Treasury's call for enhanced enforcement powers against foreign crypto service providers underscores the administration's concern over the potential increase in terrorist use of virtual currencies without adequate legislative action.
US Treasury official calls on Congress for ‘necessary tools’ to fight crypto-linked illicit finance https://t.co/znkad6YmZr
The US Treasury Department is asking politicians for more enforcement powers to use against foreign providers of crypto services, part of a goal of protecting national security https://t.co/MXuNSK58JJ
The US Treasury Department is asking politicians for more enforcement powers to use against foreign providers of crypto services, part of a goal of protecting national security https://t.co/w4BJQjpqZR
The US Treasury Department is asking politicians for more enforcement powers to use against foreign providers of crypto services, part of a goal of protecting national security https://t.co/rfvAnRcBYJ
Senate Banking hearing tomorrow with witness Deputy Secretary Wally Adeyemo from Treasury. How much is about #crypto and its use in illicit finance in his testimony? All of it, so brace yourselves for Treasury news on illicit finance use with #Bitcoin https://t.co/FIrsb1U9aV
Senate Banking hearing tomorrow with witness Deputy Secretary Wally Adeyemo from Treasury. How much is about #crypto and its use in illicit finance in his testimony? All of it, so brace yourselves lots of Senate news over illicit finance with #Bitcoin https://t.co/60fTewQ6nB
The US Treasury Department fears terrorist groups will increase their use of virtual currencies and other digital assets unless Congress approves new regulatory tools, Deputy Secretary Wally Adeyemo said https://t.co/WjQ3f43SBB
The US Treasury Department fears terrorist groups will increase their use of virtual currencies and other digital assets unless Congress approves new regulatory tools, Deputy Secretary Wally Adeyemo said. More here: https://t.co/WnxAYnRg8n
1/ A new legislative proposal (discussion draft) by @SenThomTillis and @BillHagertyTN, which creates new 'Digital Asset FI' regulatory regime. An alternative to other illicit finance proposals and expected fixture at tomorrow's Senate Banking hearing. https://t.co/uocuM50c1I
US Treasury's Adeyemo warns 'malign' actors are using virtual assets https://t.co/xtrosrER4L https://t.co/KskueOKdlO
Treasury DepSec @wallyadeyemo has posted his written testimony for tomorrow’s @SenateBanking hearing on illicit finance. One thing is clear: if we are serious about addressing the small percentage of IF conducted with digital assets, pass stablecoin legislation now. 1/3
⚠️ US TREASURY'S ADEYEMO WARNS 'MALIGN' ACTORS ARE USING VIRTUAL ASSETS Full Story → https://t.co/iceq8l9728 https://t.co/CEmed7DA1p
1/ Tomorrow, Dep. Sec. Adeyemo will testify before the Senate Banking Committee on the issue of illicit finance. With the Dep. Sec.'s primary focus on crypto's role in terror financing, we implore Congress to consider all of the facts. 🧵 https://t.co/2chyffTKhH
Ahead of @TreasuryDepSec’s testimony tomorrow in the Senate Banking Committee, I share perspectives in @CoinDesk on how the passage of #PaymentStablecoin legislation would advance US national security and set a financial crime compliance standard in #Crypto. https://t.co/JA1oWl2itb
Illicit finance in crypto is a problem, but painting all of “crypto” as equally responsible and negligent is misguided, says @ddisparte @circle. What we badly need is a new law clarifying stablecoin issuers’ obligations to stop money laundering. Opinion. https://t.co/s0BWrcy1Ri
1/ The House and Senate are back, there is an AML hearing on Tuesday, and @AEI is hosting an event with @cdixon on the return of crypto. https://t.co/OmU9qZZlSL
1) This week in Congress and crypto: Congress is back this week and the topic of AML is front and center for the Senate with @wallyadeyemo slated to testify in front of @SenateBanking tomorrow. Treasury has been busy on the comms and sanctions enforcement front. What to watch:
This April work period is critical for figuring out what’s next on some of the biggest banking, fintech and tax issues facing Capitol Hill. From stablecoin negotiations to credit card wars, it’s hectic. @BrendanPedersen and @LauraEWeiss16 detail what we’re watching:…
The tax deal’s stalemate in the Senate has Washington looking ahead to 2025. But what does the current battle mean for next year? @LauraEWeiss16 with more: https://t.co/CMGhTjrktg
From THE VAULT: Gaming out the 2025 tax fight, FinServ’s dwindling calendar, what K Street thinks of the Capital One-Discover deal and more. @LauraEWeiss16 and @BrendanPedersen in this week's Lookahead: https://t.co/I24DVrWF7r