US Deputy Treasury Secretary Wally Adiyemo acknowledges that most encrypted transactions are "legal", but still expects more sanctions in this area. He said, "The vast majority of digital assets are used for legitimate purposes, but for those used in criminal activities, we plan to use tools to pursue them

Sanctions against illegal trading companies

Adiyemo stated that the Ministry of Finance may impose more sanctions on companies involved in illegal transactions related to ransomware payments. At an online event organized by the New US Security Center, Adiyemo said that when criminals threaten national security interests, the US government may use its toolbox to implement sanctions. He specifically pointed out that "some cryptocurrency exchanges or mixers that assist in cybercrime (cryptocurrency mixers allow cryptocurrency users to hide their trading sources) will be potential targets

Adiyemo said, "We must acknowledge that ultimately, the growth of digital assets is a challenge that we must address, involving our sanctions regime

He added that any sanctions imposed on cryptocurrency services that assist in illegal activities will cooperate with the FBI, intelligence community, and other agencies.

Specialized processing of digital assets

According to the compliance guidelines for virtual currency industry sanctions released by the US Treasury Department, it is recommended that the US Treasury Department update and modernize its business by using "the correct professional knowledge, technology, and personnel" to handle digital assets.

The report states that the Ministry of Finance needs to do more to develop its infrastructure and policies related to digital assets, as it hinders the department from implementing sanctions while avoiding economic and humanitarian harm; The report further states: "They have noticed that if left unchecked, these digital assets and payment systems may undermine the effectiveness of sanctions

The government has been implementing sanctions to combat ransomware attacks that threaten the country's infrastructure. For example, in May this year, Darkside, headquartered in Russia, attacked the Colonial Pipeline system. Last month, the department announced sanctions against Suex OTC, a Czech Republic and Russian company, for allegedly allowing hackers to access cryptocurrencies paid for ransomware attacks.

The co founder of a blockchain platform criticized the US Treasury during his recent trip to South Africa. He stated that the US Treasury is doing its best to shut down the crypto asset industry. The person pointed out, "The US Treasury is doing its best to try to strangle our industry. A $2 trillion industry has suddenly emerged in our backyard, and my government is trying to strangle it