U.S. Treasury urges Congress to act against crypto abuse
During a recent speech, deputy Treasury secretary Wally Adeyemo urged Congress to support the Biden administration’s efforts to tackle the illicit use of crypto . Adeyemo’s latest call to action comes in the wake of concerns that militant groups like Hamas are exploiting digital currencies to fund their activities. At the Securities Industry and Financial Markets Association’s annual event in Washington, Adeyemo articulated Congress’s need to empower the administration with greater regulatory authority over the crypto sector. He underscored the urgency of this matter by referencing the alleged use of crypto currencies by Hamas, particularly following the Oct. 7 attack on Israel. Adeyemo’s remarks signal a clear intent for legislative action, as he noted, “There are places where we think Congress needs to act.” He further highlighted the ongoing efforts of the Treasury Department to work in tandem with legislators. He called upon the crypt...