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U.S. Treasury to expand sanctions powers for digital assets

The Biden administration is urging Congress to consider the most significant updates to the Treasury’s sanctions authority since 2001. This move aims to better regulate the use of digital assets for financial transactions in regions impacted by terrorism. According to Bloomberg, U.S. foreign trade representative Wally Adeyemo said it was necessary to introduce a “secondary sanctions regime.” Over the past few months, U.S. authorities have stepped up oversight of the cryptocurrency industry and are demanding stronger measures to combat the use of cryptocurrency by terrorists. U.S. senators led by Elizabeth Warren also believe that cryptocurrencies remain one of the tools that groups use to raise funds.

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