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US Treasury Official Calls for Stricter Regulation of Cryptocurrency Companies

US Treasury Official Urges Cryptocurrency Companies to Comply with Regulations

Wally Adeyemo, Deputy Secretary of the US Treasury, has called on cryptocurrency companies to comply with regulations, warning of the consequences of inaction. Speaking at the Blockchain Association Policy Summit in Washington DC, Adeyemo expressed his hope that the digital asset industry would partner with the government to design new tools and protect digital assets from abuse. He emphasized that the non-compliance of certain companies poses an immediate threat to national security.

The Treasury Department has submitted a legislative proposal to Congress, seeking additional authority to oversee the cryptocurrency space. This proposal includes the ability for the Treasury to act outside of the US borders and designate blockchain nodes or other elements of cryptographic transactions. This request follows criticism that current rules may not always keep pace with technological innovation.

Sanctions and National Security

Adeyemo commented on recent sanctions imposed by his office against the cryptocurrency mixing service Sinbad, which was accused of facilitating money laundering for the North Korean state-sponsored hacker group Lazarus. He stated that for illicit actors, the digital asset ecosystem is the preferred method of asset movement, unlike the traditional financial system.

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