US Treasury to Discuss Crypto Finance Concerns at Congressional Hearing
US Treasury to Talk about about Crypto Finance Considerations at Congressional Listening to
The US Treasury is gearing as much as handle Congress on the emerging challenges posed by cryptocurrencies to existing financial regulatory frameworks.
In his ready testimony for the Dwelling Financial Services and products Committee, Brian Nelson, Treasury’s Below Secretary for Terrorism and Financial Intelligence, planned to detail the company’s issues regarding the utilization of virtual sources in illicit financial activities.
Nelson Highlights Treasury’s Take care of Illicit Finance
“Treasury is deeply enthusiastic in regards to the utilization of virtual sources for all illicit financial notify,” said Nelson. “We occupy been working for over a decade on implementing an AML/CFT framework for digital sources that mitigates illicit finance dangers while promoting responsible innovation.”
In line with Nelson, the Terrorism and Financial Intelligence unit occupy been monitoring the evolving tactics and technologies utilized by unlawful teams to generate and transfer funds.
“While we proceed to assess that terrorists’ use of digital sources remains a small portion of extra established mechanisms to transfer money,” said Nelson. “We acknowledge that terrorist teams occupy and can proceed to sigh to digital sources to steal, transfer, and retailer their illicit proceeds.”
Nelson demonstrated the unit’s specific emphasis on Hamas-associated activities, pronouncing, “Equivalent to our most modern multilateral action against diverse of Hamas’s funds transfer networks that relied on diverse key exchanges to funnel proceeds to the neighborhood.”
Blockchain Association Raises Considerations Over Warren’s Proposed Invoice
U.S. Senator Elizabeth Warren launched the Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA), a bill that has stirred valuable debate interior the crypto neighborhood.
🚨 JUST IN 🇺🇸 US Senator Elizabeth Warren drops a BOMBSHELL on the Blockchain Association!
Demanding the Blockchain Association reveal knowledge on ex-military and authorities hires—roles, pay, and all! 👀💼 Claiming the Blockchain Association has been working to undermine… pic.twitter.com/pSkanu8wUN
— Just correct Morning Crypto (@3TGMCrypto) December 19, 2023
Garnering the reinforce of 19 other Senators as co-sponsors, the bill used to be intended to make stronger rules in the end of the utilization of digital sources in illicit finance.
The Blockchain Association expressed its issues through a letter to the Dwelling Financial Services and products Committee and Senate Banking Committee, marking the 2nd time the affiliation has reached out to lawmakers.
“The Digital Asset Anti-Money Laundering Act (DAAMLA) dangers our nation’s strategic advantage, threatens tens of thousands of U.S. jobs, and bears minute raise out on the illicit actors it targets,” said the Association.
The Association argued that Warren’s allegations misplaced sight of the substance of their arguments and unfairly wondered the motivations of diverse U.S. military and intelligence veterans inquisitive in regards to the dialogue.
Source : cryptonews.com
