The US Treasury confirms progress in addressing crypto wallet anonymity

At the same time, Adeyemo stated that the desire to regulate all areas of the financial system is motivated in part by national security concerns. Adeyemo claims that:

“America’s international position and ability to safeguard our national security rests in no small part on our global financial leadership. We in government know as you do that the future of the global financial system is increasingly digital.”

The pressure for crypto laws is intensifying.

The Treasury’s action comes just three months after President Joe Biden signed an Executive Order asking federal government agencies to investigate the growth of the crypto industry.

Furthermore, the latest Treasury response adds to the expanding list of potential bitcoin restrictions in the United States.

Notably, Wyoming senator Cynthia Lummis introduced a crypto regulatory measure before Congress this week. If passed, the measure will specify the right agencies to govern cryptocurrency as well as the classification of other assets.

Furthermore, the White House has commissioned study into Bitcoin mining in order to establish the asset’s energy consumption as well as its environmental impact.