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Why is U.S govt. coming after your cryptos despite NO Hamas reasons?

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A recent Congressional hearing focused on the misuse of crypto in crimes
Experts want new regulatory changes, despite WSJ’s ‘inaccurate reporting’

In a significant move meant to tighten the noose around the use of cryptocurrencies for illicit activities, the House Financial Services Committee convened on Wednesday. In doing so, it put a spotlight on crypto’s apparent use as a crucial tool in the hands of criminals and terrorists.

The session featured insights from key figures in the fight against financial crimes: Brian Nelson, the Treasury Department’s Under Secretary for Terrorism and Financial Intelligence (TFI), and Andrea Gacki, the Director of the Financial Crimes Enforcement Network (FinCEN).

Details about the cryptocurrency hearing

The hearing underscored the government’s increasing focus on the darker side of digital currencies. This, in light of episodes of crypto being exploited for money laundering, terrorism financing, and other illegal enterprises.

Nelson and Gacki provided the committee with an update on the Treasury’s ongoing efforts and achievements in combating these threats. They built a strategy that uses both regulatory measures and technology to track and disrupt illicit financial flows.

One of the key themes of the discussion was the necessity for enhanced regulatory frameworks that can adapt to the ever-changing trajectory of digital currencies. The officials emphasized the importance of international cooperation, given the global nature of cryptocurrency and the cross-border implications of many illicit transactions.

Gacki, in her testimony, shed light on FinCEN’s role in this battle. Additionally, she detailed the agency’s efforts to analyze transactions in the crypto-space for signs of illegal activity. She pointed to the success of recent
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Author: Prakriti Chanda

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