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US Treasury, Justice Outline Their Respective Roles in Biden’s Digital Assets Strategy

By Fred Williams

Citing the rising use of digital assets in illicit finance, the U.S. Justice Department urged federal lawmakers Friday to more clearly subject cryptocurrency companies to the Bank Secrecy Act and stiffen penalties for unlicensed money transmission, among other initiatives. Federal prosecutors called for the revisions as part of the White House's new strategy to foster broader adoption of emerging financial technologies and payment systems, including cryptocurrency exchanges, while also taking steps to address their exposure to illicit finance and potential for destabilization following the crash of the TerraUSD "stablecoin" in May. As part of the strategy, the Justice Department will...

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