The US Treasury attacks cryptocurrency exchanges again

U.S. Treasury Department officials want politicians to call for more sanctions on cryptocurrency exchanges to ensure “national security.” They also call for focusing on “the jurisdictional risks of offshore cryptocurrency platforms”..

A representative of the US Treasury Department believes that cryptocurrency exchanges threaten the national security of the United States.

Argue Adewale A. Adewale O. Adeyemo, U.S. Department of Treasury Representative, Business Legality Cryptocurrency Exchanges The man called on the US Senate to hold these exchanges accountable and impose more laws on them.

Odayamo believes that terrorist groups are trying to take advantage of cryptocurrency innovations and launder money using cryptocurrency exchanges that allow anonymity and support decentralization.

“Over the past few years, we have seen terrorist groups attempt to profit from innovations in cryptocurrencies...and after obtaining cryptocurrencies, they launder the profits by exchanging various gift cards online in order to buy what they need to continue their activities. violent program. Our problem is that the baddest actors are finding more ways to hide their identities and shift resources.Cryptocurrency"

Thus, a representative of the US Treasury Department believes that cryptocurrency exchanges enable the illegal activities of terrorist groups. This therefore threatens the national security of the United States of America.

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New Reforms to Protect America from Crypto Exchanges!

Odyamo therefore announced that he wanted to “protect national security” by using “three reforms”. The first is : "New secondary sanctions instrument Which will be used to target illicit transactions.

The second is “Modernize and fill gaps in existing authorities”. This is done by updating regulatory authorities and services such as VASPs or compliance protocols such as the BSA.

The third reform revolves around: “Litigation Risks Related to Offshore Cryptocurrency Platforms”. Which, according to him, constitutes a threat to American national security. Especially since cryptocurrency exchanges and some crypto financial services companies do not have accounts or rely on them for all their transactions.

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Odyamo called on Congress to give him the tools to prevent “the increasing use of virtual assets by these bad actors.” Additionally, he cited countries like Russia, North Korea, and Iran as examples that it was possible to stop illicit cryptocurrency activities through better regulations.

Although regulators generally attack cryptocurrencies due to their use in... Illegal activities. However, the truth could not be clearer: illicit activities occur more often using fiat currencies and traditional finance! Blockchain makes it possible to track cryptocurrencies and therefore the possibility of convicting and reaching criminals.

Finally, we mention that the famous blockchain analysis company, Chainalysis, revealed Reports and analyzes circulating in the media exaggerate the role of cryptocurrencies in the financing of terrorism. Especially after the issue returned to the forefront of the news after Binance froze accounts suspected of being linked to the Hamas movement, which the Israeli occupation classifies as a terrorist organization.