Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
The U.S. Treasury is set to voice its concerns about cryptocurrency’s role in illicit finance, seeking additional authority to combat the issue.
What Happened: Brian Nelson, the Treasury’s Under Secretary for Terrorism and Financial Intelligence, will present the agency’s concerns about the illegal use of cryptocurrencies, reported The Block.
This presentation will take place during a congressional hearing scheduled for this Wednesday.
Lawmakers in Washington have been focusing on the involvement of cryptocurrencies in illicit finance. Initiatives such as the anti-money laundering bill proposed by Sen. Elizabeth Warren and ongoing discussions about a bill aimed at addressing digital asset use for money laundering, led by Senate Banking Committee Chair Sherrod Brown, are among the examples.
“To root out illicit finance by players in virtual asset markets and forums, we need additional tools and resources,” said Nelson.
Why It Matters: Nelson is also expected to talk about the Treasury’s efforts to prevent Hamas from funding terrorism and will recognize new methods the group might use.
This hearing comes after the Treasury’s 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing, which underscored the risks related to illicit finance in the US, including the use of crypto.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $49,419, marking a 1.12% decline over the past 24 hours, as reported by Benzinga Pro.
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