Search
Close this search box.
Blog » News » Deputy Secretary of the Treasury speaks on multiple banking matters

Deputy Secretary of the Treasury speaks on multiple banking matters

Fact checked by John Rampton

John Rampton

John Rampton is an entrepreneur and connector. When he was 23 years old, while attending the University of Utah, he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months, he had several surgeries, stem cell injections and learned how to walk again. During this time, he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine and Finance Expert by Time. He is the Founder and CEO of Due.... Read More

Connect with John Rampton
       
A brimming treasure chest, filled with gold sits in front of a microphone on a green background. The United States flag billows in the distance. In a comic book style

Deputy Secretary of the Treasury Wally Adeyemo gave the Senate Banking Committee an update on Banking, Housing, and Urban Affairs.

Adeyemo has been a vocal advocate of increasing the regulatory powers of the United States Treasury and their impact on domestic financial affairs.

Adeyemo gives an update to the Senate Banking Committee

The Deputy Secretary said in front of the Senate Banking Committee “I am here today because we need additional tools to protect the American people.”

Adeyemo would continue that “we(The Treasury) take steps to cut terrorist groups and other malign actors off from the traditional financial system, we are concerned about the ways these actors are using cryptocurrencies to try and circumvent our sanctions.”

Deputy Secretary Adeyemo had proposed three key reform topics to the Senate Banking Committee in November of 2023. These included the creation of a financial sanction tool targeted “at foreign digital asset providers that facilitate illicit finance.”

The second topic proposed was “modernizing and closing gaps in existing authorities by expanding their reach to explicitly cover the key players and core activities of the digital assets ecosystem.”

Thirdly, Adeyemo addressed “jurisdictional risk from offshore cryptocurrency platforms, which is a key challenge.”

The United States Treasury has stated that cryptocurrency is an emerging player in the hands of dangerous groups. Deputy Secretary Adeyemo would also highlight the funding routes that terrorists and key groups of concern use.

He said “While we continue to assess that terrorists prefer to use traditional financial products and services, we fear that without Congressional action to provide us with the necessary tools, the use of virtual assets by these actors will only grow.

While these actors today only use virtual assets for a fraction of their illicit activity, we know in other areas, illicit actors almost completely rely on virtual currencies. Over the past few years, ransomware attacks have only increased in scale, sophistication, and frequency. Treasury’s Financial Crimes Enforcement Network found, based on BSA reporting, that more than $1 billion of ransomware payments were made exclusively using cryptocurrency in 2023. This not only has an impact on our national security but also on our economy,”

You can view the full hearing of the Senate Banking Committee and it is hoped that today’s session will root out the foreign and domestic threats that illicit banking can bring.

 

Image: Ideogram.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

TAGS
Financial News Writer and Editor
Brian-Damien Morgan, an accomplished journalist and features writer, boasts a rich career that has evolved across various media platforms. With extensive experience in the print sector of several UK newspapers, Brian transitioned seamlessly into the realm of digital broadcasting and specialized financial content creation. Brian now focuses on finance, technology, legal matters, and the wide spectrum of money-related topics.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More