U.S. Treasury Undersecretary: Malicious Actors Try to Use Stablecoins to Circumvent Economic Sanctions

In testimony before the Senate Committee on Banking, Housing and Urban Affairs, U.S. Treasury Undersecretary Wally Adeyemo expressed concern about the way terrorist organizations and other malicious actors use cryptocurrencies to circumvent sanctions. While the United States has had some success in rooting out illegal finance in the digital asset ecosystem, as more terrorists and transnational criminals turn to digital assets, a supervisory and law enforcement system that can prevent such activities needs to be established. This is why the Treasury Department has made recommendations to the committee to strengthen anti-terrorist financing authorities and said it looks forward to working with the committee. (U.S. Treasury official website)