Wally

Bitcoin

when

Force

The global digital assets industry is moving ahead to witness the much anticipated Bitcoin halving event after bagging a big spot <a href="https://news.todayq.com/ethereum-price-soars-on-etf-speculation-sec-watch-begins/" rel="noopener noreferrer nofollow">Exchange-Traded Fund</a> (ETF) approval from the top regulator. Amid all these hyped events the&nbsp; US Treasury Department made its move for asking more enforcement powers from the politicians. Coinbase CLO strikes out testimony 
Coinbase’s Chief legal officer, Paul Grewal, in a post mentioned that Wally Adeyemo, the Deputy Treasury Secretary gave out his written testimony. This will be read out at a Senate Banking and Housing Democrats’s hearing on illicit finance. He pointed out that one thing is clear for sure that if the government is serious about addressing the small percentage of IF linked with digital assets then it is needed to pass stablecoin legislation.
He added that the US security interests are being served by centering dollar-denominated stablecoins in the home of the dollar. However, Grewal highlighted that reserve management rules, redemption rights and aren’t hard to address if we have the will to do more than politics. He directly slammed the authority’s decision to gain more power over the crypto industry.
According to the report, the US Treasury Department’s ask to gain more enforcement powers is a part of the goal of protecting national security. US Treasury makes a new move 
Deputy Secretary Adewale O. Adeyemo in the testimony had stated that the problem is that actors are increasingly finding ways to hide their identities and move resources using virtual currency. He further added that harmful actors such as terrorists are trying to find new ways to move and transfer their resources. This is being done in light of the actions we are taking to cut them off from accessing the traditional financial system.
The testimony made that Iran’s Quds Force sent crypto to militant groups Hamas and the Palestinian Islamic Jihad in Gaza over the past year. Meanwhile, the Treasury had taken actions against networks that helped in smaller donations to Hamas.
The report stated that Russia and North Korea are among the state actors that highly use digital assets. It is important to note that Adeyemo is asking the lawmakers to approve a secondary sanctions tool targeted at foreign digital-asset providers that facilitate illicit finance.&nbsp;
This comes in when the crypto industry is posting big and green numbers on the indexes. The crypto market’s cap is now moving towards hitting the $3 trillion mark next. Its 24 hour trading volume stands at over $101 billion.

US Treasury pushes for more control amid Bitcoin Halving hype

Todayq News

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