Crypto Industry Receives Warning from U.S. Deputy Treasury Secretary Wally Adeyemo on Combating Illicit Finance
U.S. Deputy Treasury Secretary Wally Adeyemo delivers a stern warning to the crypto industry during the 2023 Blockchain Association Policy Summit, urging it to take decisive action against illicit finance.
Adeyemo emphasizes the industry’s capacity to develop tools preventing money laundering and protecting individuals, while stressing the need to exclude non-compliant firms from the ecosystem. Failure to address illicit finance may lead regulators to impose stricter measures, restricting elements of the digital asset ecosystem from the broader economy. Adeyemo underscores the government’s commitment to safeguarding national security, citing recent Treasury Department recommendations to Congress.
These proposals include creating new sanctioning tools, updating regulatory terms for virtual currencies, and collaborating with the Financial Action Task Force to curb offshore financial providers aiding bad actors. Adeyemo asserts that implementing these reforms will not only combat illicit finances but also foster responsible innovation and sustainable growth in the industry.
Clever Robot News Desk 1st December 2023