The U.S. government has raised concerns about digital asset companies failing to address the flow of illicit funds in the industry adequately.
In an Oct. 27 speech delivered at London’s Royal United Services Institute, Wally Adeyemo, the U.S. Deputy Treasury Secretary, pointed out that some companies in the crypto industry are primarily focused on technological innovations, which makes them sometimes overlook the potential consequences of the unlawful flow of funds.
Adeyemo stated that while the majority of stakeholders in the industry are collaborating with the authorities in stamping out terrorist funding, “there are those in the digital asset space who wish to innovate without regard to consequences instead of doing so responsibly, including protecting against illicit financing.”
“Our expectation is that financial institutions and digital asset companies and others in the virtual currency ecosystem take steps to prevent terrorists from being able to access resources. If they do not act to prevent illicit financial flows, the United States and our partners will,” Adeyemo added.
Crypto in terrorism
Adeyemo’s statement is coming on the heels of growing concerns over the role cryptocurrencies play in funding terrorism, particularly in the aftermath of the Hamas attack on Israel.
Several crypto stakeholders, including Coinbase, have extolled the potential for crypto and blockchain tec
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Author: Oluwapelumi Adejumo
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