Treasury Department officials are worried that digital currencies are giving terrorist groups, drug cartels and other groups that threaten national security access to money that finances their dangerous activities.
Deputy Treasury Secretary Adewale Adeyemo told the Senate Banking, Housing and Urban Affairs Committee that digital currency is a tool that is frequently used by cartels, terrorist groups and other malign actors use to subvert sanctions and being cut off from the traditional financial system. He also asked Congress to pass a bill that would give the Treasury Department more tools to target foreign providers of digital assets.
Lawmakers said that cracking down on illicit finance maneuvers is also key to stopping the flow of fentanyl from flowing across U.S. borders and fueling an overdose crisis. China has agreed to work with the U.S. to slow the flow of fentanyl, classifying all forms of it as a controlled substance and taking other measures.
Another issue with U.S. sanctions addressed in the hearing was limiting Russia’s ability to fund its war effort and cut off its supply of Western technology.
INC. China Coinbase Fentanyl Iran Israel Mexico North Korea Ohio United States Qatar Russia Sherrod Brown South Carolina United States Tehran Tehran Tehrān Province Iran Tim Scott Ukraine United States Adewale Adeyemo Paul Grewal Politics Cryptocurrency Economic Sanctions Embargoes International Sanctions Against Iran Presidency Of Joe Biden United States Foreign Policy United States Sanctions United States Trade Policy
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Treasury Department Investigates $165 Million Worth of Cryptocurrency Transactions Possibly Supporting HamasThe U.S. Treasury Department is looking into $165 million worth of cryptocurrency transactions that may have been used to support Hamas, according to a report by the Wall Street Journal. The findings were revealed in a letter signed by Deputy Treasury Secretary Adewale Adeyemo, who called for legislation to expand oversight authority over crypto transactions. The report also mentioned that the $165 million figure may include both traditional and digital assets, as financial institutions reported the total value of customer transactions.
Source: Crypto_Potato - 🏆 568. / 51 Read more »
U.S. Treasury Department Warns of Increased Use of Virtual Currencies by Terrorist GroupsDeputy Secretary Wally Adeyemo warns that terrorist groups may escalate their use of virtual currencies and digital assets unless new regulatory tools are approved by Congress.
Source: Investingcom - 🏆 450. / 53 Read more »
U.S. Treasury Department to Ease Access to Unspent COVID-19 Funds for Affordable HousingThe U.S. Treasury Department plans to update rules to allow state and local governments to use unspent COVID-19 funds for eligible housing projects. The department has also expanded eligibility to support housing projects for families earning up to 120% of the area's median income. This move could unlock as much as $40 billion in unspent money from the State and Local Fiscal Recovery Fund.
Source: FOX26Houston - 🏆 448. / 53 Read more »
Utah Department of Corrections discriminated against transgender inmate, Justice Department rulesAfter 3 decades spent in the sunny (and humid) South Florida media world, Jeff has traveled to across the country to partake in the delights of The Beehive State.
Source: fox13 - 🏆 550. / 51 Read more »
Mexican cartels use US border to arm themselves with 'military-grade' weapons: docsFive men in multiple cities throughout Texas allegedly bought over 100 'military-grade' guns to arm Mexican drug cartels, according to a federal indictment.
Source: FoxNews - 🏆 9. / 87 Read more »
Feds arrest five men accused of smuggling illegally purchased guns to cartels in MexicoThe men were charged with two criminal offenses, including straw purchasing of firearms, created by the 2022 bipartisan gun safety bill authored by Sen. John Cornyn.
Source: KPRC2 - 🏆 80. / 68 Read more »