
According to the report, the US Treasury Department’s ask to gain more enforcement powers is a part of the goal of protecting national security.
US Treasury makes a new move
Deputy Secretary Adewale O. Adeyemo in the testimony had stated that the problem is that actors are increasingly finding ways to hide their identities and move resources using virtual currency. He further added that harmful actors such as terrorists are trying to find new ways to move and transfer their resources. This is being done in light of the actions we are taking to cut them off from accessing the traditional financial system.
The testimony made that Iran’s Quds Force sent crypto to militant groups Hamas and the Palestinian Islamic Jihad in Gaza over the past year. Meanwhile, the Treasury had taken actions against networks that helped in smaller donations to Hamas.
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