The Treasury Department has requested Digital assets and resources from Congress in order “to go after illicit actors in the digital asset space,” according to the U.S. deputy secretary of the Treasury.

Furthermore, the speaker emphasized that the current difficulties, including those posed by the developing digital asset ecosystem, require an update to our illicit finance authorities.

Treasury Wants Greater Authority in the Digital Asset Sector

At the Blockchain Association’s Policy Summit this year, Deputy Secretary of the Treasury Wally Adeyemo presented the Treasury’s top goals for dealing with illegal actors in the cryptocurrency industry on Wednesday.

However, we must use every effort to ensure that organizations such as Hamas are unable to find refuge within the digital asset economy. In addition, the Treasury deputy secretary stated:

Treasury sent Congress a series of sensible suggestions yesterday to increase our authority and equip us with more tools and resources to pursue criminal activity in the digital asset market.

First, we are working to develop new sanctions instruments aimed at those participants in the digital asset ecosystem who facilitate the transfer of assets by terrorist organizations and other illegal actors.

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“We need to update our illicit finance authorities to match the challenges we face today, including those presented by the evolving digital asset ecosystem,” he said about the second statement.

He continued by saying that “the digital asset industry and the government working hand in hand to cut off illicit actors before they can spread roots and for us to create a culture of accountability” is necessary to address these issues.

The Treasury official stated that the cryptocurrency industry must take proactive measures to stop terrorists, rogue governments, and transnational criminal organizations from using cryptocurrencies.

To prevent the misuse of digital assets, I believe that the sector would respond to this call for collaboration with the government, the creation of new instruments, and innovative approaches.

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