US Treasury publishes laundry lists of crypto risks for consumers, national s...
The Treasury Department was downbeat on crypto in two publications produced in response to the president’s executive order on digital asset development issued in March. The United States Treasury Department released three publications related to digital assets Friday, in response to U.S. President Joe Biden’s Executive rder “Ensuring Responsible Development of Digital Assets.” One of them focuses specifically on crypto assets, and a shorter action plan looks at countering illicit finance risks. The discussion of crypto assets in “Crypto-Assets: Implications for Consumers, Investors, and....
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The U.S. Department of the Treasury is seeking public input on “digital-asset-related illicit finance and national security risks.” The department warned: “The growing use of digital assets in financial activity heightens risks of crimes such as money laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption.”
US Treasury Wants Public Comments on Crypto-Related Illicit Finance
The U.S. Department of the Treasury published a notice Tuesday inviting “interested members of the public to provide input pursuant to....
The U.S. Department of the Treasury has answered some questions on regulatory compliance relating to Tornado Cash, a recently sanctioned crypto mixer. The answers include how to withdraw crypto or complete transactions initiated using Tornado Cash prior to its sanction and how to deal with “dusting” transactions. Treasury Department Publishes Tornado Cash FAQs The U.S. Department of the Treasury answered some frequently asked questions Tuesday about the sanctioned cryptocurrency mixing service Tornado Cash. On Aug. 8, the Treasury’s Office of Foreign Assets Control....
Treasury Secretary Yellen says the regulatory frameworks for crypto assets in the U.S. should “support responsible innovation while managing risks.” She emphasized, “Regulation should be based on risks and activities, not specific technologies.”
Treasury Secretary Yellen on Crypto Regulation
U.S. Treasury Secretary Janet Yellen talked about crypto regulation Thursday at American University’s Kogod School of Business Center for Innovation.
“Digital assets may be relatively new, but they are part of a larger trend – the....
The public has until Nov. 3 to submit comments on the Treasury addressing ransomware attacks, the illicit finance risks of cryptocurrency mixers and DeFi, and coordinating AML/CFT policy. The United States Department of the Treasury will be calling for comments from the public on digital assets, including their views on how regulations may address the illicit uses of crypto.In a document set to be published in the Federal Register on Tuesday, the U.S. Treasury requested public comment on “digital-asset-related illicit finance and national security risks as well as the publicly released....
The U.S. treasury department has warned that non-fungible tokens (NFTs) may present new illicit finance risks. According to industry estimates, the NFT market could reach $35 billion in 2022 and more than $80 billion by 2025. NFTs May Present Illicit Finance Risks The U.S. Department of the Treasury announced Friday the release of a “study on illicit finance in the high-value art market.” The study was mandated by Congress in the Anti-Money Laundering Act of 2020. “This study examined art market participants and sectors of the high-value art market that may present....