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The Week in Crypto Policy: Treasury Asks Congress for More Power
This week, Treasury ramped up efforts to combat illicit finance in crypto, while prospects of crypto legislation getting House floor time this year dimmed.
Key Insights
- Treasury is asking Congress to significantly expand its surveillance and enforcement powers under the Bank Secrecy Act and sanctions law to combat illicit financial activity involving crypto.
- Treasury also sanctioned Blender.io, alleging the mixing service was used by North Korean-affiliated hacker groups to launder money.
- Rep. French Hill (R-AR) says market structure and stablecoin legislation will be considered early next year on the House floor - not as part of this year's National Defense Authorization Act.
Treasury Asks Congress to Expand Its Surveillance, Enforcement, and Sanctions Powers
On Tuesday, Deputy Treasury Secretary Wally Adeyemo sent a letter and memo to Senate Banking Chairman Sherrod Brown (D-OH) regarding illicit finance concerns. The memo included several legislative proposals aimed at addressing those concerns.
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.