U.S. Treasury Department Seeks Public Comments on Illicit Financing and National Security Risks Related to Digital Assets

The U.S. Department of the Treasury released "Ensuring Responsible Development of Digital Assets" on the Federal Register website to solicit public comments on the possible illegal financing and national security risks that may arise from the use of digital assets. This is based on President Biden's research on the development of cryptocurrencies in March part of the executive order. The exposure draft stated that cryptocurrencies have been used in complex cybercrime-related financial networks and activities such as ransomware, and the increasing use of digital assets has also increased the risk of crimes such as money laundering, terrorist financing, fraud, theft and corruption. The public has until the Nov. 3 deadline to submit suggestions.