According to Chainalysis’ report on money laundering trends, the value of crypto transferred by illicit addresses in 2023 fell by nearly $ 10 billion from $ 31.5 billion to the latest $ 22 billion. The report attributes the drop to the overall decline in both legitimate and illicit crypto transaction volumes in …
A paper prepared by two Polygon Labs executives and a former Financial Crimes Enforcement Network (FinCEN) director presents a framework to combat illicit activity in decentralized finance (defi) markets. The document proposes three different classes for defi platforms, including platforms controlled by centralized actors, genuine defi systems, and critical communication transmitters, describing the level of […]
U.S. lawmakers have introduced a bill “to combat the illicit use of crypto assets.” The Preventing Illicit Finance Through Partnership Act “will allow federal regulators to work with the private sector to gain insight into the often-misunderstood world of crypto to weed out bad actors without crushing an entire emerging industry,” Senator Cynthia Lummis described. […]
U.S. Senator Elizabeth Warren’s bill to crack down on crypto’s use in illicit finance has gained more support among lawmakers. “The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, […]
The U.S. deputy secretary of the Treasury has revealed that the Treasury Department has asked Congress for more tools and authorities “to go after illicit actors in the digital asset space.” Moreover, he stressed: “We need to update our illicit finance authorities to match the challenges we face today, including those presented by the evolving […]