The U.S. Treasury is intensifying its efforts to counter illicit financial activities associated with cryptocurrencies, as emphasized by Deputy Secretary Adewale O. Adeyemo. In a recent testimony for the Senate Banking, Housing and Urban Affairs Committee, Adeyemo highlighted the pressing need for an enforcement regime capable of mitigating the risks posed by the anonymous nature of digital currencies. The Rise of Crypto in Illicit Finance Adeyemo pointed out that various terrorist organizations are increasingly utilizing cryptocurrencies to fund their operations. By leveraging social media platforms, these groups execute crypto laundering schemes, taking advantage of the pseudonymous setup of the crypto
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