U.S. Treasury Secretary Says Treasury Needs More Authority to Respond to Terrorist Groups’ Use of Cryptocurrencies

U.S. Treasury Secretary Janet Yellen told Senator Sherrod Brown during a congressional hearing that the Treasury Department needs more authority to combat the alleged use of cryptocurrencies by terrorist groups. The Ohio Democrat, seen as the helmsman of future cryptocurrency legislation, asked Janet Yellen during a Senate Banking Committee hearing on Thursday what updates the Treasury Department needs to address the issue. While much of the hearing focused on discussions of the broader economy, some Democrats asked Yellen about the use of cryptocurrencies by bad actors. “We know that terrorist groups like Hamas, Al Qaeda and Hezbollah have used digital assets to raise and move funds. We have important tools to combat illicit financial activity, but most of them date back to post-9/11 era," Brown said. “As terrorists continue to innovate, do we need to update our counterterrorism tools, Madam Secretary, to address the risks created by digital assets?” Janet Yellen said the Treasury could use more powers.