US Treasury Urges Congress for Tools Against Crypto Finance

U.S. Treasury Deputy Secretary Adewale O. Adeyemo has called on Congress to equip the government with the necessary tools to tackle illicit finance linked to cryptocurrencies.

In a Senate testimony, Adeyemo revealed that terrorist groups like al-Qaeda have exploited cryptocurrencies for money laundering via social media platforms, citing a case from five years ago.

Adeyemo said, “increasingly finding ways to hide their identities and move resources using virtual currency.”

Adeyemo also mentioned Russia’s use of stablecoins to evade sanctions. In response, bipartisan senators proposed expanding Treasury sanctions to cover more groups like Hamas, enhancing resources for crypto oversight.

The Treasury seeks reforms including secondary sanctions tools and addressing offshore crypto risks. Despite progress in traditional finance monitoring, Adeyemo stressed the growing appeal of virtual assets for illicit activities without updated measures. 

The U.S. Treasury Deputy Secretary’s call for Congress to equip the government with the necessary tools to combat illicit finance tied to cryptocurrencies is crucial in addressing security threats posed by terrorist groups and rogue states like Russia.

Also Read: US Treasury Probes $165M Crypto Transactions Linked to Hamas

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