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FameEX Hot Topics | Biden Administration Aims to Enhance Crypto Regulation Tools Against Illicit Use, States Treasury Official
2023-11-09 16:14:16
United States Deputy Secretary of the Treasury, Wally Adeyemo, delivered a significant message at the annual meeting of the Securities Industry and Financial Markets Association, outlining the Biden administration's determination to combat the illicit use of cryptocurrencies. Adeyemo emphasized the need for collaboration between the government and the cryptocurrency industry, while also underlining the importance of responsible behavior within the crypto space.
Adeyemo began by recognizing the need for a balanced approach that promotes innovation while safeguarding against potential misuse of digital assets. He urged crypto businesses to take proactive measures to protect themselves from being unwittingly involved in unlawful activities. One key event that has increased the focus on illicit crypto use was the October 7th attack on Israel. Adeyemo highlighted this incident as a driver behind the administration's renewed efforts to address crypto-related criminal activities. He stressed the necessity of reassessing and enhancing the regulatory tools available to combat these challenges.
Adeyemo made it clear that the Biden administration is actively seeking additional tools from Congress to bolster its efforts against the illicit use of cryptocurrencies. "We're going to work with Congress to get more tools," he asserted, indicating a commitment to addressing gaps in the existing regulatory framework. He emphasized that there are specific areas where Congress needs to take action to provide regulators with more effective tools. The Treasury official also revealed that discussions have taken place with members of both the Democratic and Republican parties to explore potential legislative actions. This bipartisan approach is intended to ensure that any regulatory measures implemented are well-balanced and effective in addressing the unique challenges posed by cryptocurrencies. Adeyemo reiterated the administration's dedication to taking action to address these challenges and the need to establish a regulatory framework for digital assets that provides a level of protection similar to that of traditional assets. He encouraged the cryptocurrency industry to play an active role in self-regulation. "What I'm going to continue to say to the industry," Adeyemo stated, "is that you have the ability in lots of ways to self-regulate, and to make sure that you're protecting yourselves from being in a position where people are using your assets to further either heinous acts or other things." This emphasis on self-regulation aligns with the administration's vision of a responsible and ethical cryptocurrency industry that takes proactive measures to ensure the integrity of the financial system. In conclusion, Deputy Secretary of the Treasury Wally Adeyemo's remarks underscore the Biden administration's commitment to addressing the challenges associated with the illicit use of cryptocurrencies. The administration is actively engaging with Congress and industry stakeholders to develop a comprehensive regulatory framework for digital assets. Adeyemo's call for self-regulation within the crypto industry reflects the importance of industry players taking proactive steps to protect against unlawful activities and emphasizes the administration's balanced approach to crypto regulation. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
