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Deputy Treasurer Wally Adeyemo said: The Senate Banking Committee released an update on banking, housing, and urban issues.
Mr. Adeyemo has been a vocal advocate of strengthening the U.S. Treasury’s regulatory powers and its influence on domestic financial conditions.
Adeyemo provides update to Senate Banking Committee
“I’m here today because we need additional measures to protect the American people,” he told the Senate Banking Committee.
Adeyemo continued: “We (Treasury) are taking steps to separate terrorist groups and other malign actors from the traditional financial system. “We are concerned about how cryptocurrencies are being used to try to evade this.”
Deputy Secretary Adeyemo had proposed three major reform themes to the Senate Banking Committee in November 2023. These included the creation of a financial sanctions tool targeting “foreign digital asset providers that facilitate illicit finance.”
The second proposed theme is to “Modernize existing authorities and fill gaps by expanding their scope to clearly cover the key players and core activities of the digital asset ecosystem.” did.
Third, Adeyemo addressed “jurisdictional risks posed by offshore virtual currency platforms, which is a key issue.”
The US Treasury has said that cryptocurrencies are an emerging player in the hands of dangerous groups. Deputy Commissioner Adeyemo will also highlight the funding channels used by terrorists and major groups of concern.
“While we continue to assess that terrorists prefer to use traditional financial products and services, their use of virtual assets will increase without Congressional action to provide the necessary tools,” he said. “I’m concerned that it will be one way,” he said.
Currently, these actors only use virtual assets for some of their illegal activities, while in other areas illegal actors are found to rely almost entirely on virtual currencies. Over the past few years, ransomware attacks have only increased in size, sophistication, and frequency. The Treasury Department’s Financial Crimes Enforcement Network found that more than $1 billion in ransomware payments were made using only cryptocurrencies in 2023, based on BSA reporting. This has implications not only for national security, but also for the economy. ”
View the full text of the hearing Senate Banking Committee It is hoped that today’s session will eradicate the domestic and international threats posed by illegal banking transactions.
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post Deputy Treasury Secretary talks about multiple banking issues It first appeared deadline.