- The U.S. Treasury Department wants more powers to fight cryptoasset crime.
- The representative of the Ministry of Finance will call on the U.S. Congress to provide new tools to counteract lawbreakers.
- Earlier, the Ministry emphasized the need to strengthen oversight of stablecoins.
The U.S. Ministry of Finance intends to request from Congress an expansion of powers to combat crimes in the field of digital assets.
On February 15, 2024, Deputy Secretary of the Treasury for Counterterrorism and Financial Intelligence Brian Nelson will appear before the House Financial Services Committee. He will outline the agency’s arguments, which will emphasize the need to transfer new tools to counter cryptocrime.
It is noted that over the past ten years, the Ministry of Finance has been working on a structure aimed at combating the financing of terrorism. With its help, the authorities want to reduce the risks of illegal inflows of funds. The Ministry also promotes innovation within the country, notes Nelson.
“To eradicate illicit financing by players in the markets, we need additional tools and resources. That’s why we are committed to working with Congress to pass sensible reforms. They will update tools and authorities to meet the evolving challenges we face today,” the prepared report said.
In 2023, representatives of the Ministry of Finance have already mentioned the need to expand “leverage”. The main emphasis was placed on the development of tools to control the cryptocurrency industry. The ministry then paid special attention to the issue of stablecoins.
On February 13, 2024, it became known that the organization Blockchain Association sent a letter to the US Congress criticizing the AML-legislative bill of Senator Elizabeth Warren. In their opinion, the adoption of the bill will mean the elimination of the sphere of digital assets in the country.
The authors of the message believe that such a development is a direct threat to the U.S. strategic advantage in the international arena. The letter was signed by 80 former specialists from the military and national security.
Recall, we wrote that the U.S. Congress is close to passing a law on stablecoins.
