US Treasury Report Warns of Defi's Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto
The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance . The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight.The U.S. Treasury released aon April 6, 2023, that assesses the purported risks of defi.
“Defi services at present often do not implement AML/CFT controls or other processes to identify customers, allowing layering of proceeds to take place instantaneously and pseudonymously, using long strings of alphanumeric characters rather than names or other personally identifying information,” the report adds. It also acknowledges that some firms are providing AML/CFT controls and that onchain surveillance companies exist.
The defi report also discusses how the Treasury intends to strengthen federal oversight and regulatory policies. The authors emphasize that “centralized virtual asset service providers and industry solutions can partially mitigate some of these vulnerabilities.” The Treasury Department stated that regulations that cover traditional finance should also apply to decentralized finance, and regulators must close specific gaps that cybercriminals, money launderers, and scammers currently exploit.
On page 36 of the report, which covers the conclusion, recommended actions, and posed questions, the researchers emphasize that most nation-state adversaries and cybercriminals do not typically use crypto assets or defi for illicit financing. “Moreover, money laundering, proliferation financing, and terrorist financing most commonly occur using fiat currency or other traditional assets rather than virtual assets,” the report’s authors conclude.
The main risk - people will get more power
Hope that my ownr wallet will never have mandatory kyc
LOL they just want to buy it all, so poor people remain poor and they will remain rich
Risk 1 - CeFi banks lose massive profits to new entrants and to customers. Risk 2 - Poor people all over the world get financial options and wealth only rich people have now.
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BS as usual coming from the U.S ..
Crypto proponents over the course of 13 years have had ample time to come up with a Book or referable documents introducing and discussing the world of crypto markets and the use of such tokens and things like they did for stocks and commodities; Nothing of that sort exist.
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It's just a perspective not a truth. And it's a perspective of evil people so it's not a fact for sure.
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