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During a Senate hearing on April 9, Senator Tim Scott accused the current US administration of making digital assets a scapegoat in its efforts to combat terrorism financing while overlooking more significant traditional funding sources, specifying those that Iran.
Addressing Deputy Treasury Secretary Adewale Adeyemo at the Senate Committee on Banking, Housing, and Urban Affairs, Scott expressed concerns over the Treasury’s exclusive focus on expanding its authority over cryptocurrencies.
He argued that this narrow approach neglects major sources of terrorism funding, such as Iran’s $35 billion in oil exports and an additional $16 billion in US hostage relief and electricity waivers, which allegedly facilitate the Iranian government’s misuse of funds.
The scope of the conversation regarding illicit financing is “far larger than digital assets”, Scott asserted, accusing the administration of missing the “elephant in the room.”
In response, Adeyemo defended the Treasury’s focus on digital assets, explaining that the department’s current lack of authority makes it more challenging to effectively restrict crypto transactions compared to traditional financial transfers. He highlighted the unique challenges posed by cryptocurrencies, such as Russia’s use of stablecoins to circumvent sanctions and North Korea’s reliance on mixers to obscure financial transactions.
“As we take steps to cut terrorist groups and other malign actors off from the traditional financial system, we are concerned about the ways these actors are using cryptocurren
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Author: Vince Dioquino
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