Biden

Wally

<div class="cryptonews">
 <p class="is-style-lead">The Biden administration is urging Congress to consider the most significant updates to the Treasury’s sanctions authority since 2001.</p>
 <p class="is-style-default">This move aims to better regulate the use of <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> for financial transactions in regions impacted by terrorism.</p>
 <p>According to Bloomberg, U.S. foreign trade representative Wally Adeyemo said it was necessary to introduce a “secondary sanctions regime.” Such sanctions control a company or person within the U.S. financial system because it “also puts at risk any firm that continues to do business with a sanctioned target,” he said.</p>
 <p>The Treasury “provided Congress a set of common-sense recommendations to <a rel="noopener noreferrer nofollow" title="expand" href="https://thebittimes.com/tag/expand.html">expand</a> our authorities and broaden our tools and resources to go after illicit actors in the <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> space,” Adeyemo added.</p>
 <p>Over the past few months, U.S. authorities have stepped up oversight of the cryptocurrency industry and are demanding stronger measures to combat the use of cryptocurrency by terrorists.</p>
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 <p>Last month, U.S. Sen. Cynthia Lummis and Rep. French Hill sent a letter to the Justice Department asking it to “carefully evaluate the extent to which Binance and Tether provide material assistance and resources to support terrorism.”</p>
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">When it comes to illicit finance, crypto is not the enemy – bad actors are. <br><br>I sent a letter asking DOJ to finish its investigation and consider criminal charges against Binance and Tether after reports they served as intermediaries for Hamas and engaged in illicit activities. pic.twitter.com/M3KGNFkpWc</p>— Senator Cynthia Lummis (@SenLummis) October 26, 2023
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 <p>U.S. senators led by Elizabeth Warren also believe that cryptocurrencies remain one of the tools that groups use to raise funds. They asked the administration to provide information on a plan to prevent the use of cryptocurrencies to finance terrorism.</p>
 <p>However, analysts at Chainalysis questioned the data from a number of reports on the use of cryptocurrency to finance terrorism. In their opinion, these figures may be greatly exaggerated. According to the company’s estimates, only $450,000 of the $82 million previously announced in the media can be clearly attributed to funds aimed at financing terrorist activities.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Tron infrastructure becomes popular among global terrorists
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/u-s-treasury-to-expand-sanctions-powers-for-digital-assets-tbt72154.html">https://thebittimes.com/u-s-treasury-to-expand-sanctions-powers-for-digital-assets-tbt72154.html</a></p>

U.S. Treasury to expand sanctions powers for digital assets

TheBitTimes

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