US Treasury Seeks Public Comments on Crypto-Related Illicit Finance and Natio...
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....
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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....
The payments operator responded to a Treasury inquiry related to the presidential executive order with an appeal to keep bank interests in sight when designing digital assets. United States payment systems operator The Clearing House has released its response to a Treasury Department request for comment on “digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks.” The Clearing House found significant security serious risks associated with digital assets, but was concerned that banks should have the same....
The U.S. Department of the Treasury does not see that cryptocurrency could be used in a large-scale way to evade sanctions. “Its share as a medium for illicit finance is not anywhere as large as just using cash,” a senior Treasury official noted.
Treasury Department’s View on Crypto Use to Evade Sanctions
Nellie Liang, Treasury undersecretary for domestic finance, talked about the potential use of cryptocurrency as a tool to evade sanctions for Russia Friday in an interview with Reuters.
The senior Treasury official explained that the crypto....
President Joe Biden's executive order on crypto from March directed the Treasury Department to take the lead among other government agencies in developing policy recommendations. The United State Department of the Treasury has requested comments from the public on the potential opportunities and risks of digital assets in compliance with President Joe Biden’s executive order from March.In a Tuesday announcement, the U.S. Treasury said it was asking for input from the public that will “inform its work” in reporting to the president the possible implications of digital assets on the....