Cryptocurrencies, as a decentralized and difficult-to-trace transaction tool, have always been favored by some grey and even black industries. Governments and regulatory bodies around the world have been seeking to regulate and control cryptocurrencies, but have been unable to achieve this due to the lack of relevant legal support.
However, in recent years, there seems to be significant development in this trend. U.S. courts have begun to frequently penalize some traceable cryptocurrency exchanges and individuals related to cryptocurrencies, including the world's largest cryptocurrency exchange Binance and its biggest competitor, FTX.
Cryptocurrency exchanges are just one link in the cryptocurrency chain. To thoroughly solve the problem, it is necessary to regulate cryptocurrencies themselves. Recently, the U.S. Department of the Treasury has begun seeking relevant support to oversee and control cryptocurrencies in terms of regulation and circulation.
The pretext of this time by the U.S. Treasury Department seems to be well-founded; they claim that some terrorist organizations and hostile forces have begun to obtain wealth and resources from the United States through cryptocurrencies. Due to the characteristics of cryptocurrencies, the U.S. government is unable to regulate this, especially after Binance admitted to allegations of money laundering, this concern has been fully realized.
U.S. Deputy Secretary of State Adewale O. Adeyemo repeatedly emphasized the threat of cryptocurrencies to U.S. national security in his written testimony before a Senate hearing on Tuesday, undeniably showing support for the Treasury Department and linking cryptocurrencies to U.S. national security.
