US Treasury Deputy Secretary Advocates for Legislative Action to Combat Rise in Crypto-Linked Illicit Activities

Tuesday, 9 April 2024, 05:12
US Treasury Deputy Secretary Adewale Adeyemo emphasized the urgent need for Congress to equip regulatory agencies with the required tools to address the escalating threat posed by illicit financial activities facilitated through cryptocurrencies. Without immediate action, the misuse of crypto by malicious entities is expected to further proliferate, creating significant challenges for law enforcement and financial integrity.
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US Treasury Deputy Secretary Advocates for Legislative Action to Combat Rise in Crypto-Linked Illicit Activities

Enhancing Regulatory Capacities Against Crypto Fraud

Treasury Deputy Secretary Adewale Adeyemo stressed the imperative for Congress to furnish regulatory bodies with enhanced regulatory mechanisms to counter the mounting presence of illicit finance in the cryptocurrency sector.

Necessary Measures to Safeguard Financial Systems

  • Tackling Crypto-Linked Illicit Activities: Adeyemo warns that failure to empower authorities could result in a surge of financial crimes leveraging cryptocurrencies.
  • Legislative Action Urged: The official calls on Congress to expedite the provision of legislations and enforcement tools to combat illegal crypto transactions.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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