The Treasury Department of the United States has stated that it must ‘modernize and adapt’ to digital currencies
In the Texas Blockchain Summit, the United States Treasury Department was seen as one of the main enemies of cryptocurrency. Some senators present in the conference went on to say that the biggest threat to cryptocurrency is the Treasury Department and not the United States SEC. Treasury Department seems to have paid attention to such remarks. In the latest round of developments, the U.S Treasury Department has called for better communication with the cryptocurrency industry.
However, the treasury department did not make a 360-degree turn in its stand. The main reason behind this call for communication is the difficulty posed by digital assets in implementing sanctions. Balancing funds is becoming difficult for the Treasury in such a circumstance. In connection to this, the Treasury Department has also said that having a better understanding of the crypto space will help them deal better with sanctions.
Deputy Treasury Secretary Wally Adeyemo said that sanctions are a critical instrument for advancing national security objectives. Treasury’s examination of sanctions has revealed that this formidable tool continues to produce outcomes, but it also confronts new hurdles. They are dedicated to modernizing and strengthening this vital tool in collaboration with partners.
Wally also added that digital assets should not be left unchecked. If they are not pt under checks and corrections, they will greatly disrupt the efficiency of sanctions. To meet this crisis, the Treasury Department has called for staff and officials with technical expertise. If things go well for the crypto industry, we might soon see pro-crypto officials in the Treasury Department.