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Deputy Secretary of the Treasury, Wally Adeyemo, is set to testify before the Senate Banking Committee on the issue of illicit finance, particularly focusing on the role of cryptocurrencies in terror financing. Ahead of the testimony, discussions in the industry, including an article in @CoinDesk, have highlighted the importance of passing #PaymentStablecoin legislation to enhance U.S. national security and establish a financial crime compliance standard within the cryptocurrency sector. The Treasury Department has expressed concerns that without new regulatory tools approved by Congress, terrorist groups may increase their use of virtual currencies and other digital assets for illicit financing.
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
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
