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FameEX Hot Topics | Biden Administration Aims to Enhance Crypto Regulation Tools Against Illicit Use, States Treasury Official

2023-11-09 16:14:15

United States Deputy Secretary of the Treasury, Wally Adeyemo, has signaled the Biden administration's determination to strengthen efforts against the illicit use of cryptocurrencies. Speaking at the annual meeting of the Securities Industry and Financial Markets Association, Adeyemo revealed that the administration is actively pursuing additional tools from Congress to combat crypto-related criminal activities.


He began by acknowledging the need for a collaborative approach between the government and the cryptocurrency industry to strike a balance between fostering innovation and safeguarding against potential misuse of digital assets. Adeyemo stressed the importance of responsible behavior within the industry and urged crypto businesses to take proactive measures to protect themselves.


Adeyemo highlighted the significance of recent events, notably the attack on Israel that occurred on October 7th, which has drawn increased attention to the illicit financial use of digital assets. He emphasized that these developments have prompted the administration to reassess and enhance its regulatory toolkit. "We're going to work with Congress to get more tools," Adeyemo affirmed, indicating a commitment to address gaps in the existing regulatory framework. He underscored that there are specific areas where Congress needs to take action to provide regulators with more effective tools to combat illicit crypto activities.


The Treasury official also disclosed that the Treasury Department has engaged in discussions with members of both the Democratic and Republican parties to explore potential legislative actions. This bipartisan approach aims to ensure that the regulatory measures enacted are well-balanced and effective. Adeyemo reiterated the administration's dedication to taking action to address the challenges posed by cryptocurrencies. He emphasized the need to establish a regulatory framework for digital assets that is comparable in terms of protections to the regulations applied to traditional assets.


"What I'm going to continue to say to the industry," Adeyemo stated, "is that you have the ability in lots of ways to self-regulate, and to make sure that you're protecting yourselves from being in a position where people are using your assets to further either heinous acts or other things." The emphasis on self-regulation is in line with the administration's desire to see the cryptocurrency industry take proactive measures to maintain the integrity of the financial system. Adeyemo acknowledged that self-regulation, in addition to government oversight, is crucial for the industry to operate responsibly and ethically.


In conclusion, Deputy Secretary of the Treasury Wally Adeyemo's remarks reflect the Biden administration's commitment to addressing the challenges associated with the illicit use of cryptocurrencies. The administration is actively engaging with Congress and stakeholders to develop a more comprehensive regulatory framework for digital assets. Adeyemo's call for self-regulation within the crypto industry underscores the importance of industry players taking proactive steps to protect against unlawful activities and further emphasizes the administration's balanced approach to crypto regulation.


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