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In written testimony prepared for the Senate Banking, Housing and Urban Affairs Committee Hearing on Tuesday, U.S. Treasury Secretary Adewale O. Adeyemo made an urgent call that the government must provide Congress with the "necessary tools" to combat illicit financing tied to cryptocurrencies.
Adeyemo emphasized that terrorist groups have been using cryptocurrencies to finance money laundering and other illegal activities over the past few years, which seriously threatens national security.
Terrorists' Use of Cryptocurrency:
Al Qaeda and affiliated groups use social media platforms to operate bitcoin money laundering networks.
Malicious actors use virtual currencies to hide their identities and move resources untraceably.
Treasury's Recommendations:
The Treasury's powers need to be expanded to prevent terrorists and other criminals from using cryptocurrencies.
The secondary enforcement tool will target all actors in the cryptocurrency ecosystem, such as foreign crypto exchanges and money services businesses.
Addressing legal risks arising from offshore crypto platforms will ensure that these platforms comply with US law.
Adeyemo's Message:
If Congress does not take the necessary steps, terrorists and other criminals will continue to use cryptocurrencies, posing a serious risk to national security.
The government and the private sector must work together to prevent cryptocurrencies from being used for illegal purposes.
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