Major US Exec Issues Warning to Crypto Industry
Deputy Treasury Secretary Adeyemo warns of stablecoin misuse for terrorism, urges crypto firms to act responsibly.
At a Blockchain Association event in Washington, Deputy Treasury Secretary Wally Adeyemo warned about stablecoins' misuse. He focused on stablecoins backed by the US dollar but run outside the US. He spoke about the importance of the need to prevent these platforms from being used for terrorism.
Adeyemo's comments likely referred to Tether (USDT), though he didn't name it directly. He expressed disappointment that the cryptocurrency industry hasn't stopped criminals and terrorists from using the currency.
He further commented about the cryptocurrency industry's lack of action as a national security risk, pointing out Binance as an example used by terrorists and drug dealers.
Adeyemo warned companies involved in illegal crypto activities that they would be held accountable. He suggested the crypto industry should learn about sharing information from the US banking system.
