Free Airdrop Season 7 is LIVE! Answer fun questions or do simple tasks to earn rewards from the $30K BitDegree prize pool. Participate Now ! 🔥
Key Takeaways
Free Airdrop Season 7 is LIVE! Answer fun questions or do simple tasks to earn rewards from the $30K BitDegree prize pool. Participate Now ! 🔥
Brian Nelson, the U.S. Department of the Treasury's Under Secretary for Terrorism and Financial Intelligence, outlined his growing concerns over the misuse of crypto in illegal financial activities.
Ahead of the House Financial Services Committee hearing set for February 15, Nelson delivered a testimony stressing the urgent need for legislative enhancements and increased support mechanisms to combat these evolving challenges.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
What is Impermanent Loss in Crypto? (Explained With Animations)
Despite existing measures like the Bank Secrecy Act, which mandates financial institutions to aid in the prevention of financial crimes, Nelson emphasized the inadequacy of current tools to fully address the complexities presented by the cryptocurrency market.
Nelson's address, marked by a clear call for "common-sense reforms," aims to fortify the Treasury's toolkit to ensure a more robust defense against the dark side of digital finance.
The official highlights that for the last ten years, the Treasury has devoted efforts to developing a framework designed to fight against terrorism financing by reducing the risks of illicit finance and encouraging responsible innovation.
This testimony comes at a time when regulatory scrutiny on crypto is being ramped up by legislators in Washington, D.C., including notable efforts by Sen. Elizabeth Warren, who has been pushing for a re-proposal of the Digital Asset Anti-Money Laundering Act (DAAMLA).
As the House Financial Services Committee gears up for a hearing on cryptocurrency and illicit activities, the Treasury's request for more robust legislative tools highlights a critical moment for regulatory action.
Enhancing the legal framework is essential to ensure the secure and compliant growth of the financial technology landscape, aligning innovation with robust oversight.
In 2023, The US Department of the Treasury and the Internal Revenue Service (IRS) jointly unveiled a set of proposed rules to regulate cryptocurrency brokers.
To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology.
Carefully selected industry experts contribute their real-life experience & expertise to BitDegree's content. Our extensive Web3 Expert Network is compiled of professionals from leading companies, research organizations and academia.