Deputy Treasury Secretary calls for self-regulation to prevent funding of terrorist acts

  • Treasury official calls for Congress to aid in crackdown on illicit use of cryptocurrencies
  • Cites Hamas’s attack on Israel as an example of illicit financial use of digital assets
  • Treasury Department wants new powers to address the issue
  • Communication with Democrats and Republicans about potential actions
  • Treasury Department identifies cryptocurrency exchanges as money-laundering hubs
  • Calls on cryptocurrency industry to self-regulate and protect against illicit use
  • Treasury Department will continue to take action and work with lawmakers and industry
  • Over 100 lawmakers inquire about cryptocurrency use by terrorist groups

Deputy Treasury Secretary Wally Adeyemo has called on Congress to provide new powers to aid in the crackdown on the illicit use of cryptocurrencies. Adeyemo cited the recent attack by Hamas on Israel as an example of the illicit financial use of digital assets. The Treasury Department has been in communication with both Democrats and Republicans to discuss potential actions. They have identified cryptocurrency exchanges as money-laundering hubs and are urging the industry to self-regulate to prevent further funding of terrorist acts. Over 100 lawmakers have also inquired about the use of cryptocurrency by terrorist groups.

Public Companies:
Private Companies:
Key People: Wally Adeyemo (Deputy Treasury Secretary)

Factuality Level: 7
Justification: The article provides information about the Biden administration’s desire for new powers to crack down on the illicit use of cryptocurrencies, citing the connection to Hamas. It mentions the Treasury Department’s communication with Democrats and Republicans and the need for Congress to act. It also references the Treasury Department’s previous statements on the role of cryptocurrency in financing militant groups. However, the article does not provide extensive evidence or analysis to support these claims, and it does not present alternative perspectives or counterarguments.

Noise Level: 7
Justification: The article provides some relevant information about the Biden administration’s desire for new powers to crack down on the illicit use of cryptocurrencies, specifically citing the connection to Hamas. However, the article lacks in-depth analysis or evidence to support the claims made. It also does not provide any actionable insights or solutions. The article could benefit from more context and a balanced exploration of the topic.

Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to the Treasury Department’s request for new powers from Congress to crack down on the illicit use of cryptocurrencies. This could potentially impact the cryptocurrency industry and related financial markets.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The news article focuses on the Biden administration’s efforts to combat the illicit use of cryptocurrencies, specifically citing the connection to the Palestinian militant group Hamas. While there is no mention of an extreme event, the potential crackdown on cryptocurrencies could have implications for financial markets and companies involved in the cryptocurrency industry.

Reported publicly: www.wsj.com