Treasury calls for more controls
Key Takeaways
- U.S. Treasury Secretary Brian Nelson is advocating for increased legislative authority to combat illicit finance related to cryptocurrencies.
- The appeal for strengthened regulatory tools stems from the need to address challenges in the cryptocurrency market amid growing concerns about cryptocurrencies being used for illicit financial activities.
- Nelson’s testimony is scheduled to be presented at a hearing before the House Financial Services Committee on February 15.
Brian NelsonUnder Secretary of the Treasury for Terrorism and Financial Intelligence; It outlined growing concerns about the misuse of cryptocurrencies in illicit financial activities.
Ahead of a House Financial Services Committee hearing scheduled for February 15, Nelson gave the following speech: Testimony emphasizing the urgent need for legislative improvement Increased support mechanisms To meet these evolving challenges.
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Despite existing measures, such as the Bank Secrecy Act, which mandates financial institutions to assist in preventing financial crime; Nelson highlighted the inadequacy of current tools. Completely addresses the complexities presented by the cryptocurrency market.
Nelson’s address is: There is a clear call for “common-sense reform.” It aims to strengthen the Treasury’s toolkit. Ensure stronger defenses against the dark side of digital finance.
Officials say over the past 10 years The Treasury has been working to develop a framework to combat terrorist financing. By reducing the risks of illicit finance and encouraging responsible innovation.
The testimony comes at a time when regulatory scrutiny of cryptocurrencies is increasing by lawmakers in Washington, D.C. that. elizabeth warrenWho was there? A re-proposal is being pursued. Digital Asset Anti-Money Laundering Act (DAAMLA).
As the House Financial Services Committee prepares for a hearing on cryptocurrencies and illicit activity, the Treasury Department’s request for stronger legislative tools highlights a critical moment for regulatory action.
Strengthening the legal framework is essential to ensure the safe and compliant growth of the financial technology environment and to balance innovation and strong oversight.
In 2023, the U.S. Treasury and the Internal Revenue Service (IRS) jointly released a set of proposed rules to regulate cryptocurrency brokers.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis comparing the differences between Western capitalism in the United States and forms of collective capitalism in Japan from 1945 to 2020.
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