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The Treasury Department pledged to continue targeting the use of crypto-assets to finance terrorism amid increased scrutiny in the wake of Hamas’ attack on Israel.
Remarks: Speaking in London, Deputy Treasury Secretary Wally Adeyemo said the department expects digital asset companies and others in the virtual currency ecosystem to prevent terrorists from being able to access resources. “If they do not act to prevent illicit financial flows, the United States and our partners will,” he said.
Recent Activity: Treasury’s Financial Crimes Enforcement Network previously issued an alert on Hamas’ virtual currency fundraising and a proposed rule on virtual currency mixing, and its Office of Foreign Assets Control sanctioned a virtual currency exchange for financing terrorist operations. Meanwhile, members of Congress have sent letters calling on the administration to evaluate and prevent the use of crypto for financing terrorism.
ICBA Crypto Advocacy: ICBA has repeatedly called on policymakers to ensure new policies directed at the crypto sector fully reflect its risks, including to national security. A new ICBA blog post discusses policymakers’ increasing efforts to implement digital asset policy in light of the significant upheaval in crypto markets.