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US Treasury to crypto businesses: Stopping illicit finance is the only way to pass regulatory muster

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U.S. Treasury to Crypto businesses: Stopping illicit finance is the only way to pass regulatory muster

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One of the primary concerns for governing forces with cryptocurrency is its link with unbiased cross-border monetary transactions that may help fuel global terror and illicit businesses. As the technology slowly makes way into the mainstream, officials from the U.S. Treasury and SEC are considering remediation for every exploit before giving the green signal to cryptocurrency.

On September 11, Under Secretary Sigal Mandelker spoke about her experience during the “9/11 attack” while discussing the topic “Enhancing Counterterrorism Sanctions.”  Talking about U.S. Treasury’s ongoing efforts toward disrupting terrorist financing, Mandelker shared the government’s plan to expand secondary sanctions to cover all terrorists designated under the U.S. sanctions program. She added,

“This will allow us to target foreign financial institutions who knowingly facilitate significant financial transactions for terrorists. And when I say foreign financial institutions, it also includes money services businesses, cryptocurrency exchangers and administrators, and a litany of others.”

While addressing the “issue of crypto or digital currencies,” Mandelker also highlighted how terrorist organizations are always looking for new ways to raise and transfer funds without detection or tracking by law enforcement. The financial institutions have been primarily reliant on the traditional financial system and cash to transfer funds but Mandelker claimed,

“Without the appropriate strong safeguards cryptocurrencies could become the next frontier.”

Concluding the note on crypto-related terrorist funding, the U.S. Under Secretary warned the crypto industry to harness their technological expertise and apply it to the tough problems against illicit finance. Hinting towards a regulatory requirement, she also mentioned,

“Because not doing so threatens national security, and because it is the only way for them to pass regulatory muster.”


Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem
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