Blockchain
US Treasury Deputy Secretary Urges Congress for Tools to Tackle Crypto-Related Illicit Finance
US Treasury Deputy Secretary Wally Adeyemo has urged Congress to provide regulatory tools to combat illicit finance related to cryptocurrencies.
In a hearing before the Senate Banking, Housing and Urban Affairs Committee, Adeyemo expressed concerns that terrorist groups, as well as state actors like Russia and North Korea, are increasingly using virtual currencies and digital assets to hide their identities and move resources.
While acknowledging some success in detecting illicit finance activities, Adeyemo emphasized the need to expand enforcement efforts to prevent such actions by “malign actors.”
“While we continue to assess that terrorists prefer to use traditional financial products and services, we fear that without congressional action to provide us with the necessary tools, the use of virtual assets by these actors will only grow,” he said.
Adeyemo Asks for Crypto Regulations
Adeyemo highlighted the expanding use of virtual assets by these groups and warned that without congressional action, their adoption would continue to grow.
He cited examples such as North Korea using complex cyber heists to acquire and launder illicit revenue, and Russia resorting to alternative payment mechanisms like the stablecoin tether to evade sanctions and finance its conflicts.
To address these challenges, Adeyemo called on Congress to pass legislation that strengthens tools to target foreign digital asset providers facilitating illicit finance, including the imposition of secondary sanctions.
Furthermore, Adeyemo stressed the importance of closing regulatory gaps and extending authorities to cover entities like virtual asset wallet providers and cryptocurrency exchanges that emerged after current laws were enacted.
He also emphasized the need to address jurisdictional risks posed by offshore cryptocurrency platforms to safeguard US national security.
Coinbase Global and Circle Internet Financial, prominent cryptocurrency firms, also called upon Senate Majority Leader Chuck Schumer and House Speaker Mitch McConnell to enact regulations for stablecoins and improve the overall digital asset market structure.
They highlighted the risks of regulatory arbitrage due to the lack of regulatory clarity and urged the extension of anti-money laundering and sanctions regulations to cover foreign stablecoin issuers referencing the US dollar.
Adeyemo confirmed that the Treasury had previously recommended reforms to the committee and expressed the department’s willingness to work alongside lawmakers to address these issues.
UN Highlights Tether Role in Illicit Financing
A recent United Nations report highlighted Tron’s popularity among cyber fraud and money laundering activities in Southeast Asia.
According to the report, authorities have observed a rapid growth in sophisticated, high-speed money laundering teams that specialize in utilizing Tether for underground transactions.
It pointed out that online gambling platforms, particularly those operating illegally, have become popular avenues for cryptocurrency-based money launderers, with USDT being a favored choice.
Tether has refuted these claims, emphasizing its collaboration with law enforcement and the traceability of its token.
In response to the UN report, Tether said that its collaboration with global law enforcement, including the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the United States Secret Service (USSS), has resulted in unparalleled monitoring capabilities, surpassing traditional banking systems.
Source: cryptonews.com
The post US Treasury Deputy Secretary Urges Congress for Tools to Tackle Crypto-Related Illicit Finance appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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