According to the Wall Street Journal, U.S. Treasury Deputy Secretary Wally Adeyemo said at the Securities Industry and Financial Markets Association annual meeting in Washington on Tuesday that the Biden administration hopes Congress will grant new powers to help combat illegal cryptocurrency activities.
Adeyemo said the Treasury Department has been communicating with Democrats and Republicans about possible actions they might take. The Treasury Department will continue to take action and will work with Congress to urge the cryptocurrency industry to innovate responsibly.
Additionally, Adeyemo called on the crypto industry to self-regulate.