The Crypto Cops Are On a Rampage: Brace Yourselves!

Deputy U.S. Treasury Secretary Warns Bad Actors in Cryptocurrency Industry, Delivers Address at D.C. Policy Summit

Deputy U.S. Treasury Secretary warns bad actors in crypto during D.C. Policy Summit.

U.S. Deputy Treasury Secretary, Wally Adeyemo, had some colorful words for the “bad actors” in the crypto realm during his grand appearance at the Blockchain Association’s Policy Summit in D.C. Consider yourself warned!

“We will find you and hold you accountable”

“I want to directly address those within the digital asset industry who believe they are above the law. Yes, you, the ones who think you can play hide-and-seek with regulations, and even worse, support assets and services that aid criminals, terrorists, and rogue states,” Adeyemo bellowed. “Listen up, folks! Our message is simple: We will find you, and boy, oh boy, will we hold you accountable!”

Mr. Adeyemo was quick to highlight that firms within the American financial system have already invested heavily in tools, personnel, and processes to identify and capture the sneaky criminals, terrorists, and other troublemakers who dare to move money illegally. He then turned his attention to the digital asset industry: “What I’m saying is, guys, we need you to follow suit. Help us, help you!”

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Taking action

These fiery words echoed the statement released by the U.S. Treasury Department earlier this week, where they slapped sanctions on crypto mixer, Sinbad, labeling it a “key money laundering tool” backed by the North Korean government. It’s clear that the U.S. government means business!

To drive his point home, Adeyemo shared a cautionary tale involving Binance, one of the world’s largest crypto exchanges. Just days ago, its flamboyant founder, Changpeng “CZ” Zhao, pleaded guilty to breaking a plethora of federal statutes—not exactly a proud moment for him. Binance now has to pay a whopping $4.3 billion in penalties and forfeitures, wave goodbye to the U.S. market, and adhere to strict monitoring and reporting guidelines imposed by the Department of Justice. Ouch!

Cracking down on crypto

The government’s relentless crackdown on the crypto industry has been making headlines lately, with Senate and House hearings shining a spotlight on crypto crimes and regulations. House Financial Services Committee Chairman, Patrick McHenry, summed it up perfectly during a recent hearing: “We must hold these bad actors to account, full stop. We’re talking about digital assets here, people!”

Amidst the political discussions, the industry’s reputation has taken a hit due to cases like Hamas’ illicit use of digital assets and the high-profile fraud trial of FTX founder, Sam Bankman-Fried. It seems the drama never stops.

“As terrorists and criminals get more creative in their quest for dirty money, we need the tools to keep up with them,” concluded Adeyemo, his voice filled with determination. “These reforms won’t just stop the flow of illicit funds, but they’ll also level the playing field for those seeking responsible and beneficial innovation—creating sustainable growth for the industry.”

Now, dear readers, it’s time for all of us to buckle up and brace ourselves for this wild rollercoaster ride in the crypto world. It’s going to be a bumpy one, but hey, life’s no fun without a little danger, right? So, get those portfolios ready and let’s see who will survive the wrath of the Crypto Cops!

Link to original article: Crypto Cops

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