U.S. Deputy Treasury Secretary: Biden administration hopes Congress will give more powers to crack down on illegal cryptocurrency activities

Odaily News U.S. Treasury Undersecretary Wally Adeyemo said at the Securities Industry and Financial Markets Associations annual meeting in Washington on Tuesday that the Biden administration hopes Congress will grant new powers to help combat illegal cryptocurrency activities. Adeyemo noted that Hamas has publicly sought to raise funds through cryptocurrencies, which has led to increased focus on the illicit financial uses of digital assets. Adeyemo said the Treasury Department has been communicating with Democrats and Republicans about actions they might take. There are places where Congress needs to act. Treasury will continue to take action and work with lawmakers to urge the cryptocurrency industry to innovate responsibly. Additionally, Adeyemo called on the crypto industry to self-regulate. (Wall Street Journal)