U.S. Treasury Department urges Congress to take action to combat cryptocurrency abuse

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In a recent speech, Treasury Undersecretary Wally Adeyemo urged Congress to support the Biden administration’s efforts to combat the illegal use of cryptocurrencies.

Adeyemo’s latest work call to action Previously, there were concerns that militant groups such as Hamas were using digital currencies to fund their activities.

Speaking at the Securities Industry and Financial Markets Association’s annual event in Washington, Adeyemo spelled out the need for Congress to give the government greater regulatory authority over the cryptocurrency industry.

He emphasized the urgency of the matter by mentioning Hamas’s alleged use of cryptocurrencies, especially following the October 7 attacks on Israel.

Adeyemo’s remarks signaled clear intent for legislative action, noting, “There are places where we think Congress needs to take action.”

He further highlighted Treasury’s ongoing efforts to work with lawmakers. He called on the cryptocurrency industry to play a role in preventing abuse of its platforms.

The U.S. Treasury Department has previously highlighted international “mixers” as possible money laundering hubs. Mixers are cryptocurrency exchanges that obfuscate the source of funds.

Militant groups such as Hamas and Palestinian Islamic Jihad have ties to these platforms. Adeyemo called on the industry to self-regulate to prevent the use of cryptocurrencies for illegal activities or serious crimes.

“What I would continue to say to the industry is that you have the ability to regulate yourself in a number of ways and ensure that you can protect yourselves from being put into a situation where people are using your assets to engage in illegal activities. To further their outrageous Acts, like what Hamas did, or digital crimes.”

Wally Adeyemo, Deputy Secretary of the Treasury


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