Summary
Illicit actors are increasingly using cryptocurrency for illegal activities, prompting a call for additional support from Congress by Deputy Treasury Secretary Wally Adeyemo. Adeyemo urged for more tools and legislation to target digital asset providers and address jurisdictional challenges. Some Senators argue that the focus on crypto is misplaced, while bipartisan bills addressing sanctions evasion and cryptocurrencies have been introduced but have not advanced.
Key Points
1. Illicit actors are increasingly using cryptocurrencies to fund illegal activities, prompting Deputy Treasury Secretary Wally Adeyemo to call for additional support from Congress.
2. Adeyemo urged Congress to provide Treasury with additional secondary sanctions tools that can target digital asset providers, as well as pass legislation to expand the agency’s jurisdiction over key players in the digital asset ecosystem.
3. Bipartisan bills addressing sanctions evasion and cryptocurrencies have been introduced in 2023, including the Digital Asset Anti-Money Laundering Act and the Crypto Asset National Security Enhancement Act, but neither has advanced out of committee markup.