U.S. Treasury Warns of Crypto Crackdown

Deputy Treasury Secretary Proposes Expansion of Regulatory Powers Amid Concerns Over Illicit Finance

Deputy Treasury Secretary Wally Adeyemo has warned the crypto industry of a potential crackdown if they fail to prevent illicit finance.
Adeyemo has proposed an expansion of the Treasury Department's regulatory powers over the crypto industry, including the creation of a new crypto-related category of financial institution.
The proposal has been described as the broadest expansion of powers since the Patriot Act.
The Treasury Department has recently taken action against Binance, the leading crypto exchange, for violating the Bank Secrecy Act and sanctions laws.
Adeyemo's comments come after the U.S. issued sanctions aimed at disrupting funding for Palestinian militant group Hamas, singling out a Gaza-based cryptocurrency exchange among other targets.