U.S. Deputy Treasury Secretary: Biden administration hopes Congress will give more powers to crack down on illegal cryptocurrency activities

Wally Adeyemo, Deputy Secretary of the U.S. Treasury, attended the Securities Industry and Financial Markets Association annual meeting in Washington on Tuesday and stated that the Biden administration hopes that Congress will grant new powers to help combat illegal activities related to cryptocurrency. Adeyemo mentioned that Hamas had openly sought to raise funds through cryptocurrency, which has led to "greater attention to the illicit financial use of digital assets." Adeyemo stated that the Treasury Department has been communicating with both the Democratic and Republican parties about the actions they may take. Action needs to be taken in some areas by Congress. The Treasury Department will continue to take action and work with legislators to urge the cryptocurrency industry to innovate responsibly. In addition, Adeyemo called on the cryptocurrency industry to engage in self-regulation.