Treasury seeking comment on illicit finance risks posed by digital assets

TreasuryAnnex

The Treasury Department is seeking public input on how to address illicit finance and national security risks posed by digital assets, part of a multipronged push by the Biden administration to hold bad actors accountable and identify potential enforcement and regulatory gaps.

On Tuesday, the Treasury published a request for comment in the Federal Register seeking feedback on “digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks.” The comment period will be open through Nov. 3.

The request follows an executive order by President Joe Biden in March noting digital assets pose potential risks to “financial stability and financial system integrity, combating and preventing crime and illicit finance, and national security.” Biden urged government agencies to explore how to encourage “responsible financial innovation” in the digital assets sector while also ensuring these novel financial instruments adhere to U.S. laws and regulations.

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