Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Bitcoin reaches a new highlight of $ 107K – Can BTC retain the win?

2025-05-20

Bitcoin still cannot close daily candle above $ 106k after 8 failed attempts in 2025

2025-05-20

Bitcoin briefly surpasses $ 106k for withdrawal, analyst sees stable momentum

2025-05-20
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Basic kit transactions rise as DEX volume approaches $ 400 billion milestone

    2025-05-20

    Taiko Alethia launches the most expected Pacaya Hardfork -upgrade on MAINNET

    2025-05-20

    Weaver Labs stimulates AI-led decentralized connectivity, joins Imagen Network

    2025-05-19

    Cdari works together with Laika Ai to strengthen blockchain -intelligence about chains

    2025-05-19

    Vitaminai and Blocx partner to stimulate security and productivity by bridging Web2 and Web3

    2025-05-19
  • NFT

    Guild of Guardians leads with a huge volume of $ 796.62k

    2025-05-20

    Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

    2025-05-19

    The most popular collections of the moment on blockchain

    2025-05-18

    Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

    2025-05-17

    Ethereum is at the top of the charts in weekly NFT sales with $ 44.7 million in sales volume

    2025-05-16
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Bitcoin still cannot close daily candle above $ 106k after 8 failed attempts in 2025

    2025-05-20

    Solana (SOL) keeps land in tight reach – Traders looking at Directional Cue

    2025-05-20

    Graph signal running to new ATH

    2025-05-19

    BlackRock’s Buidl to Power Bouncebit’s new RWA Yield Strategy Platform

    2025-05-19

    Finish Bitcoin price inches in the direction of all time-can Momentum?

    2025-05-19
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-10
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Regulation»US Senator Claims Biden Administration Is Using Crypto as a ‘Scapegoat’ to Mask Failures in Stopping Illegal Finance
Republican lawmakers distinguish crypto commodities and securities in draft bill
Regulation

US Senator Claims Biden Administration Is Using Crypto as a ‘Scapegoat’ to Mask Failures in Stopping Illegal Finance

2024-04-09No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

In a sharp criticism during a Senate hearing on April 9, Senator Tim Scott accused the current US administration of making digital assets the “scapegoat” in efforts to combat terrorist financing, ignoring more important, more traditional sources of such funding were ignored, especially those benefiting Iran. .

Addressing Deputy Finance Minister Adewale Adeyemo, Scott expressed concern over the Treasury Department’s exclusive requests for expanded authority over cryptocurrencies to the Senate Committee on Banking, Housing and Urban Affairs.

He argued that this narrow focus sidelines important sources of terrorist financing, including Iran’s $35 billion in oil exports and another $16 billion in U.S. hostage assistance and electricity waivers, which Scott said prevent the Iranian government’s misuse of funds ease.

According to Scott, the focus on crypto misses the “elephant in the room” as the scope of the conversation about illicit finance is “much bigger than digital assets.”

Strict supervision required

In response, Assistant Treasury Secretary Adeyemo defended the focus on digital assets, stating that the Treasury’s current lack of authority makes it challenging to effectively restrict crypto transactions compared to traditional financial transfers.

Adeyemo highlighted the specific challenges that crypto poses, including Russia’s use of stablecoins to avoid sanctions and North Korea’s reliance on mixers to obscure financial transactions.

Adeyemo outlined the Ministry of Finance’s request for additional powers over crypto, a proposal made in November that aims to introduce secondary sanctions against foreign crypto providers, tighten existing regulations and address the risks of international crypto platforms to grab.

Adeyemo also addressed Scott’s concerns about the misuse of humanitarian funding, saying the US plans to remain committed to humanitarian assistance despite Iran’s known misuse of funding.

See also  Hester Peirce calls two SEC enforcement actions 'arbitrary,' says agency's ambiguity may be intentional

In his prepared remarks, Adeyemo explained how the Treasury Department wants additional authority over crypto. The formal request from the Ministry of Finance, dating from November, focuses on three points: introducing a secondary sanctions instrument targeting foreign crypto providers, strengthening existing authority over crypto, and addressing jurisdictional risk from internationally established crypto platforms.

Other remarks

The call for better oversight of digital assets also received support from other senators, who believe the sector needs stricter regulation.

Committee Chairman Sherrod Brown emphasized the importance of crypto platforms adhering to the same regulatory standards as traditional financial institutions, especially in combating terrorist financing.

Senator Bob Menendez raised concerns about the ease of converting oil proceeds into crypto, with Adeyemo reiterating the need for a more comprehensive authority over the sector.

Senator Bob Menendez expressed concern that Iran could convert proceeds from oil sales into cryptocurrency. Adeyemo, in response, reiterated the need for a more comprehensive authority over the sector.

Senator Elizabeth Warren also contributed, highlighting Iran’s role as a blockchain validator and its potential to make millions in transaction fees, including from US transactions. Warren called for expanding regulations for financial institutions to include blockchain validators to prevent abuse.

Mentioned in this article
Last Alpha Market report

Source link

administration Biden Claims Crypto Failures Finance illegal Mask Scapegoat Senator stopping
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

US Senate to vote on brilliant Stabilecoin bill despite political gaps

2025-05-20

Trump’s tax assessment is progressing in the congress – good for the adoption of crypto?

2025-05-20

Crypto companies to report every transaction under new British laws

2025-05-20

Sec -retreats decision on Bitwise, 21Shares Solana ETF applications, Opens Public Consultation

2025-05-19
Add A Comment

Comments are closed.

Top Posts

Ripple’s Legal Victory Raises XRP Price, Could Reach $1 Soon?

2023-07-13

How Bitcoin Revived Crypto in June

2023-07-07

New York Bill suggests that people have state costs pay with Bitcoin and Crypto

2025-04-11
Editors Picks

Vitalik Buterin signals a potential revival of plasma scaling with technical improvements

2023-11-15

Ethereum price is consolidating below the threshold, which could trigger another surge

2023-12-12

BNB Price Topside Bias Vulnerable If It Continues To Struggle Below $225

2023-09-05

US Doj assesses crypto -compensation rules in the midst of valuation problems

2025-04-18
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Bitcoin reaches a new highlight of $ 107K – Can BTC retain the win?

Bitcoin still cannot close daily candle above $ 106k after 8 failed attempts in 2025

Bitcoin briefly surpasses $ 106k for withdrawal, analyst sees stable momentum

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$105,296.112.20%
  • ethereumEthereum(ETH)$2,514.423.94%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.351.10%
  • binancecoinBNB(BNB)$644.930.70%
  • solanaSolana(SOL)$166.642.57%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.2212221.64%
  • tronTRON(TRX)$0.2731503.55%
  • cardanoCardano(ADA)$0.730.22%
  • suiSui(SUI)$3.834.43%
  • chainlinkChainlink(LINK)$15.743.47%
  • avalanche-2Avalanche(AVAX)$22.162.00%
  • stellarStellar(XLM)$0.2853381.37%
  • hyperliquidHyperliquid(HYPE)$26.282.79%
  • shiba-inuShiba Inu(SHIB)$0.0000141.33%
  • hedera-hashgraphHedera(HBAR)$0.1940863.38%
  • unus-sed-leoUNUS SED LEO(LEO)$8.710.77%
  • bitcoin-cashBitcoin Cash(BCH)$389.241.31%
  • the-open-networkToncoin(TON)$3.051.81%
  • polkadotPolkadot(DOT)$4.581.06%
  • litecoinLitecoin(LTC)$93.48-2.51%
  • moneroMonero(XMR)$349.771.23%
  • bitget-tokenBitget Token(BGB)$5.14-0.03%
  • pepePepe(PEPE)$0.0000130.59%
  • daiDai(DAI)$1.000.01%
  • piPi(PI)$0.731.57%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • aaveAave(AAVE)$264.6820.10%
  • bittensorBittensor(TAO)$416.666.03%
  • uniswapUniswap(UNI)$5.851.74%
  • nearNEAR Protocol(NEAR)$2.741.79%
  • aptosAptos(APT)$5.102.10%
  • okbOKB(OKB)$51.87-0.06%
  • kaspaKaspa(KAS)$0.1127017.43%
  • ondo-financeOndo(ONDO)$0.934.10%
  • ethereum-classicEthereum Classic(ETC)$18.212.23%
  • internet-computerInternet Computer(ICP)$5.141.59%
  • official-trumpOFFICIAL TRUMP(TRUMP)$13.285.63%
  • gatechain-tokenGateToken(GT)$21.400.84%
  • crypto-com-chainCronos(CRO)$0.0961602.05%
  • mantleMantle(MNT)$0.740.72%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.229953-0.64%
  • render-tokenRender(RENDER)$4.604.10%
  • vechainVeChain(VET)$0.0275801.25%
  • ethenaEthena(ENA)$0.3721525.59%
  • usd1World Liberty Financial USD(USD1)$1.00-0.06%
  • arbitrumArbitrum(ARB)$0.3919705.04%
  • algorandAlgorand(ALGO)$0.2199552.27%
  • filecoinFilecoin(FIL)$2.821.62%
  • bitcoinBitcoin(BTC)$105,296.112.20%
  • ethereumEthereum(ETH)$2,514.423.94%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.351.10%
  • binancecoinBNB(BNB)$644.930.70%
  • solanaSolana(SOL)$166.642.57%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.2212221.64%
  • tronTRON(TRX)$0.2731503.55%
  • cardanoCardano(ADA)$0.730.22%
  • suiSui(SUI)$3.834.43%
  • chainlinkChainlink(LINK)$15.743.47%
  • avalanche-2Avalanche(AVAX)$22.162.00%
  • stellarStellar(XLM)$0.2853381.37%
  • hyperliquidHyperliquid(HYPE)$26.282.79%
  • shiba-inuShiba Inu(SHIB)$0.0000141.33%
  • hedera-hashgraphHedera(HBAR)$0.1940863.38%
  • unus-sed-leoUNUS SED LEO(LEO)$8.710.77%
  • bitcoin-cashBitcoin Cash(BCH)$389.241.31%
  • the-open-networkToncoin(TON)$3.051.81%
  • polkadotPolkadot(DOT)$4.581.06%
  • litecoinLitecoin(LTC)$93.48-2.51%
  • moneroMonero(XMR)$349.771.23%
  • bitget-tokenBitget Token(BGB)$5.14-0.03%
  • pepePepe(PEPE)$0.0000130.59%
  • daiDai(DAI)$1.000.01%
  • piPi(PI)$0.731.57%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • aaveAave(AAVE)$264.6820.10%
  • bittensorBittensor(TAO)$416.666.03%
  • uniswapUniswap(UNI)$5.851.74%
  • nearNEAR Protocol(NEAR)$2.741.79%
  • aptosAptos(APT)$5.102.10%
  • okbOKB(OKB)$51.87-0.06%
  • kaspaKaspa(KAS)$0.1127017.43%
  • ondo-financeOndo(ONDO)$0.934.10%
  • ethereum-classicEthereum Classic(ETC)$18.212.23%
  • internet-computerInternet Computer(ICP)$5.141.59%
  • official-trumpOFFICIAL TRUMP(TRUMP)$13.285.63%
  • gatechain-tokenGateToken(GT)$21.400.84%
  • crypto-com-chainCronos(CRO)$0.0961602.05%
  • mantleMantle(MNT)$0.740.72%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.229953-0.64%
  • render-tokenRender(RENDER)$4.604.10%
  • vechainVeChain(VET)$0.0275801.25%
  • ethenaEthena(ENA)$0.3721525.59%
  • usd1World Liberty Financial USD(USD1)$1.00-0.06%
  • arbitrumArbitrum(ARB)$0.3919705.04%
  • algorandAlgorand(ALGO)$0.2199552.27%
  • filecoinFilecoin(FIL)$2.821.62%