U.S. Treasury Campaigning for Amplified Powers to Chase Crypto Overseas
The U.S. Department of the Treasury is seeking approval from lawmakers for greater power over the cryptocurrency sector, which would include the ability to regulate transactions beyond U.S. borders. Deputy Secretary of the Treasury, Wally Adeyemo, has proposed changes to expand the government's power and resources to go after illicit actors in the digital asset sector. The proposal calls for Congress to introduce new sanctions against exchanges supporting terrorism as well as a revision of the Bank Secrecy Act to target entities facilitating terrorist funding with cryptocurrencies. The included changes would broaden the definition of financial institutions, demanding new anti-money-laundering requirements from cryptocurrency exchanges and wallet providers. There is also a proposal for legislation to allow jurisdiction over transactions in USD-pegged stablecoins with no U.S. touchpoints.
