Force

Forefront

<p><strong>In response to the increasing number of malicious uses of crypto, the US Treasury is getting tough. Specifically, it is seeking additional legal tools to combat actors that threaten national security and bypass sanctions through digital assets. This plea is motivated by recent revelations about the use of crypto by groups such as Hamas and the Palestinian Islamic Jihad.</strong></p>
<h2 id="h-calling-for-new-sanctioning-powers">Calling for New Sanctioning Powers!</h2>
<p>In a written testimony before a Senate hearing, Deputy Secretary Adewale Adeyemo highlighted the challenges posed by “malicious actors” using crypto to conceal their identities and transfer resources. Consequently, he called for granting a new “secondary sanctions” tool to enable the Treasury to better target virtual currencies.</p>
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<p>According to Adeyemo, this new authority would allow the Treasury “to evolve in its targeting capabilities” and to consider “technological changes” that make traditional tools less effective against crypto. In other words, the Treasury aims to have more leverage over actors connected to virtual currency ecosystems.</p>
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<h2 id="h-multiple-crypto-threats-at-the-forefront-of-concerns">Multiple Crypto Threats at the Forefront of Concerns</h2>
<p>The Treasury’s call follows multiple recently revealed cases of malicious usage. These include the funding of Palestinian terrorist groups like Hamas and the Islamic Jihad by the Iranian Quds Force through crypto. Furthermore, the increasing use of such assets by North Korea and Russia to circumvent economic sanctions.</p>
<p>In addition, transactions worth over $20 billion that went through the sanctioned Russian exchange Garantex recently caught the attention of US authorities. Although technical details remain vague, the Treasury clearly seeks to better control the illicit flows through foreign crypto exchanges.</p>
<p>The successive revelations have convinced the US Treasury to act more decisively against malpractices involving crypto. If the new sanctioning powers are granted, regulators will have an additional lever to suppress malicious usage while preserving legitimate uses.</p>

USA: The Treasury intensifies its fight against the malicious use of crypto!

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