In a recent Bloomberg report, it was revealed that the US Treasury Department is urging lawmakers to grant it additional enforcement powers in its fight against foreign providers of cryptocurrency services. The primary objective behind this request is to safeguard national security interests.
Growing Hurdles In Tracing Illicit Crypto Transactions
Deputy Secretary Adewale O. Adeyemo, in his written testimony before a Senate hearing, highlighted the “growing challenge” of identifying and tracking individuals involved in illicit activities who allegedly exploit the anonymity afforded by crypto assets.
Adeyemo stressed that “malign actors,” including terrorists, are continually adapting their methods to circumvent measures implemented to cut off their access to traditional financial systems.
Adeyemo cited instances of Iran’s Quds Force, a part of the Islamic Revolutionary Guard Corps, using crypto to transfer funds to militant groups such as Hamas and the Palestini
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