© Reuters. FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. REUTERS/Kevin Lamarque/File PhotoWASHINGTON - The U.S. Treasury Department fears terrorist groups will increase their use of virtual currencies and other digital assets unless Congress approves new regulatory tools , Deputy Secretary Wally Adeyemo said on Monday.
"While we continue to assess that terrorists prefer to use traditional financial products and services, we fear that without congressional action to provide us with the necessary tools, the use of virtual assets by these actors will only grow," Adeyemo said in the prepared remarks. Treasury had also seen Russia increasingly use alternative payment mechanisms such as the stable coin tether to circumvent sanctions and finance its war against Ukraine, he said.
He also called for steps aimed at closing gaps in existing authorities by expanding their reach to explicitly cover entities such as virtual asset wallet providers and cryptocurrency exchanges that sprang up after current laws were enacted.
U.S. Treasury Department Virtual Currencies Digital Assets Regulatory Tools Terrorist Groups Congress Deputy Secretary Wally Adeyemo
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