In a recent Senate hearing, Deputy Treasury Secretary Adewale Adeyemo discussed the need for more vital rules to stop criminals from using cryptocurrencies for evil purposes.
Adeyemo’s comments follow proposals made by the Treasury Department in November. They show how urgent it is to deal with the risks of digital money to keep our country safe and our financial system secure.
Proposed Reforms For Tighter Crypto Crime Control
During his testimony, Adeyemo outlined three key reforms that the Treasury Department is seeking to enhance its enforcement efforts against illicit finance, terrorism, and sanctions evasion involving cryptocurrencies:
Introducing Secondary Sanctions: The first proposed reform involves the introduction of secondary sanctions targeting “foreign digital asset providers” engaged in illicit finance.
Adeyemo pointed out that while U.S. sanctions prohibit institutions from using U.S. correspondent accounts and transaction processing through banks, c
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