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New Treasury Department reports spotlight the role of digital assets in terrorism and proliferation financing.
Details: Treasury’s 2024 National Risk Assessments cite the use of stablecoins by terrorist organizations and North Korea’s use of virtual currency mixers and decentralized finance to finance its illicit weapons programs. Separately, Chainanalysis reported that ransomware payments last year exceeded $1 billion in extorted cryptocurrency payments for the first time.
ICBA View: As part of its calls for policymakers to ensure new policies directed at the crypto sector fully reflect its risks, ICBA recently urged the Financial Crimes Enforcement Network to expand on its proposal to combat crime enabled by cryptocurrency mixers. ICBA has also supported International Organization of Securities Commissions policy recommendations on digital assets markets and decentralized finance oversight.
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ICBA is calling on community bankers to send letters to the FDIC opposing proposed guidelines to establish new corporate governance and risk management standards.
ImageFeb 7, 2024
With the federal banking agencies launching their latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act, ICBA urged the agencies to advance more meaningful relief than they have enacted under previous reviews.
ImageFeb 7, 2024
National Credit Union Administration Chairman Todd Harper said his agency’s lack of oversight of credit union service organizations is an Achilles’ heel for the credit union system.
ImageFeb 7, 2024
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