Cryptocurrency Update: U.S. Treasury Department Issues Statement!
The U.S. Treasury Department has released a new report on cryptocurrencies. The report also includes details about the future.
The U.S. Treasury Department expressed its intent to enhance measures against money laundering and countering the financing of terrorism concerning digital assets.
Today, the department released the 2024 “National Strategy for Combatting Terrorist and Other Illicit Financing.” The document outlines its priorities in fighting illicit financing and details its ongoing efforts regarding cryptocurrencies. These efforts include sanctions against certain exchanges and groups like Bitzlato and Lazarus, as well as an agreement with Binance.
The strategy document identifies four key priorities: closing gaps in anti-money laundering regulations, supporting a more effective and risk-based framework, enhancing law enforcement effectiveness, and leveraging technological innovations.
The document suggests that updating the existing oversight frameworks for cryptocurrencies will support these priorities. This may involve potential updates to the U.S. regulatory framework for combating money laundering and terrorism financing, as well as working on the global implementation of Financial Action Task Force standards.
The document states:
“The successful application of the existing Anti-Money Laundering and Countering the Financing of Terrorism oversight and enforcement framework to virtual asset activities requires the U.S. to allocate sufficient oversight and enforcement resources and continue to invest in technology and training for analysts, investigators, and regulators to develop greater expertise in new technologies, including the analysis of publicly available blockchain data.”
During the press conference, a Treasury official announced that Deputy Secretary of the Treasury Wally Adeyemo and Under Secretary for Terrorism and Financial Intelligence Brian Nelson have been discussing the department’s request for more authority and oversight on specific crypto issues with members of Congress.
Note: This is not investment advice.
