Treasury’s Yellen: More Power Needed to Counter Crypto Use by Terrorist Groups

cryptonews.com:

U.S. Treasury Secretary Janet Yellen has expressed the need for increased authority within the Treasury Department to address the alleged utilization of crypto by terrorist groups.

Senator Sherrod Brown, known for his role in shaping crypto legislation, questioned Yellen about the necessary updates required to confront this issue during the Senate Banking Committee hearing. 

While the focus of the hearing primarily revolved around broader economic discussions, some Democrats raised concerns about the misuse of cryptocurrencies by malicious actors.

“We know that terrorist groups like Hamas, Al-Qaeda, and Hezbollah have used digital assets to raise and transfer funds. We have important tools to counter illicit finance, but most of them date back to the post-9/11 era,” Senator Brown said.

“As terrorists continue to innovate, do we need to update our counter-terrorism tools, Madam Secretary, to respond to the risks created by digital assets?”

Yellen acknowledged that the Treasury Department could benefit from additional authority to address the issue.

“We do have many authorities that enable us to act, but we’ve identified a number of gaps in our authorities and have compiled a list of suggestions for ways in which Treasury’s authorities could and should be strengthened,” She stated.

Janet Yellen calls on Congress to pass #Crypto regulations which includes #stablecoins and spot markets for crypto.#bitcoin #cryptocurrency #ethereum #xrp #janetyellen #thinkingcrypto #congress pic.twitter.com/emkYvIG83d

— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) February 8, 2024

Senator Brown, who chairs the Senate Banking Committee, has previously called for stricter measures to prevent the use of cryptocurrencies for funding