Deputy Treasury Secretary Wally Adeyemo Warns Senate Committee of Cryptocurrency Exploitation by Terrorists and Criminals

During his testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Deputy Secretary of the Treasury Wally Adeyemo voiced apprehension regarding the exploitation of cryptocurrencies by terrorist groups and other nefarious entities to evade sanctions. Despite some successes in combating illicit financial activities within the digital asset realm, an increasing number of terrorists and transnational criminals are resorting to digital currencies. Citing a report by the Treasury Department's Financial Crimes Enforcement Network, Adeyemo highlighted that over $10 billion in ransomware payments were were made exclusively using cryptocurrency in 2023. Such developments not only pose threats to U.S. national security but also to the economy at large. 

Adeyemo stressed the necessity for a robust monitoring and enforcement framework to curb such illicit activities. To this end, the Treasury has proposed recommendations to bolster counter-terrorism financing measures, expressing readiness to collaborate with the committee towards this goal.

Author: Katie Lin

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