Paul Grewal, Coinbase’s chief legal officer, recently called on Congress in a social media post to enact laws regarding stablecoins if the United States intends to effectively address a tiny fraction of financial crimes facilitated using cryptocurrencies.
In reaction to Wally Adeyemo’s published testimony as the US Deputy Secretary of the Treasury, emphasizing the prevention of unlawful applications of cryptocurrencies, Grewal made a comment.
During his statement, Adeyemo mentioned that malicious individuals are progressively employing cryptocurrencies to conceal their identities, thereby disconnecting from conventional financial structures.
The authorities are putting effort into disrupting illegal financing systems operating internationally through the Treasury.
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According to the testimony, North Korea is implicated in several cyberattacks. They utilize unofficial crypto traders to exchange their stolen cryptocurrencies for cash.
Adeyemo suggests we should prioritize changes like imposing secondary penalties, updating current regulations, and mitigating risks associated with offshore cryptocurrency exchanges.
According to U.Today’s report, approximately half of all illicit transactions can be traced back to the Tron blockchain, largely due to the widespread usage of the USDT token on this platform.
In March last year, U.S. Congressman Patrick McHenry (R-N.C.) stated that the House of Representatives had a feasible timeline for passing a stablecoin legislation. This bill has gained substantial backing from both Democratic and Republican lawmakers, making it probable for advancement in 2024.
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2024-04-09 12:17