US Treasury Dept. Requests Public Feedback on Crypto’s Role in Illegal Finance

US Treasury Department has sought comments from the public and cryptocurrency community on the exploitation of digital assets for illicit purposes and asked for suggestions to address the issues. “Request For Comment” by US Treasury The Treasury Department issued a “request for comment” on Monday, outlining more than 20 inquiries and requesting the general public to clarify whether it has “comprehensively defined the unlawful financing risks” connected to cryptocurrencies. It also noted that several federal officials, such as the Treasury Secretary, Attorney General, Homeland Security Secretary, Director of National Intelligence, and Secretary of State, would develop a synchronized action plan to confront the potential national security threat. According to the notice, the risks of offenses like money laundering, financing for terrorism and nuclear proliferation, fraud and theft schemes, and corruption are escalated by the expanding use of digital assets in financial activities. It is linked to U.S. President Joe Biden’s executive order on cryptocurrencies. Principal Policy Objectives The notice refers to six “principal policy objectives,” including: Consumer Protection Financial Stability Mitigating Illicit Finance Promoting U.S. leadership in the global financial system, supporting affordable financial services Encouraging responsible creation of digital assets Risk of Digital Assets In a statement, Brian Nelson, the Under S...