US Deputy Secretary Urges Crypto Industry to Curb Terrorist Financing

A screenshot of news during Wally Adeyemo's speech
Wally Adeyemo

In a move that underscores the United States’ commitment to combatting global terrorism, Wally Adeyemo, the Deputy Secretary of the Treasury, recently made a powerful appeal to the crypto industry. He called upon exchanges and crypto projects to join the efforts in blocking financing channels for terrorist organizations.

Wally Adeyemo's statements and remarks published
Wally Adeyemo’s statements and remarks

You can access the full text here — Remarks by Deputy Secretary of the Treasury Wally Adeyemo. 

Drawing Parallels: Comparing Hamas to Russia

One of the striking aspects of Adeyemo’s call to action was his repeated comparison between Hamas and Russia. While these two entities might seem unrelated, this analogy was made to underscore the seriousness of the issue. By drawing parallels, Adeyemo emphasized that the fight against terrorism knows no bounds and that tackling financial support for any terrorist group is a global imperative.

The Ministry of Finance’s Three-Pronged Approach

Adeyemo outlined a three-pronged approach that the Ministry of Finance intends to pursue in its efforts to combat terrorist financing:

  1. Strengthening Sanctions Against Hamas: The Ministry of Finance is committed to imposing and reinforcing sanctions against Hamas (an organization recognized as terrorists by many nations). This action not only directly targets the financial resources of the group but also its accomplices and intermediaries that aid in its financial activities.
  2. Global Cooperation: Recognizing the global nature of the issue, the Ministry is actively collaborating with allies from around the world. The goal is to encourage as many countries as possible, along with their financial institutions, to join the sanctions. This coordinated effort aims to create a unified front against terrorist financing.
  3. Engaging with Financial Institutions: Adeyemo’s call also extends to financial institutions. The US government is in discussions with these institutions to facilitate the establishment of effective barriers against terrorist financial flows. This collaboration is crucial to ensure the financial sector remains vigilant against such threats.

A Message of Collaboration, Not Accusation

It is noteworthy that while Adeyemo’s appeal was strong, he did not directly accuse crypto exchanges and crypto projects of aiding terrorists. Instead, he urged them to join the sanctions and contribute to the United States’ efforts to address this critical issue. This approach signifies collaboration, acknowledging the potential for positive change within the crypto industry.

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The Significance of This Call to Action

Adeyemo’s call to the crypto industry carries significant implications. Firstly, it highlights the increasing relevance of cryptocurrencies in global finance and their potential use for illicit purposes. By involving the crypto sector, the US government acknowledges the need for vigilance and cooperation to prevent any misuse of digital assets.

Furthermore, this call underscores the importance of international cooperation in combating terrorism. Adeyemo’s emphasis on engaging allies and encouraging their participation in sanctions amplifies the global commitment to address the funding of terrorist organizations.

Conclusion: A Shared Responsibility

In conclusion, the call by Wally Adeyemo, the Deputy Secretary of the Treasury of the United States, is a powerful reminder that the fight against terrorism extends to all facets of global finance. 

While the crypto industry is not accused of supporting terrorism, it is urged to play a pivotal role in strengthening sanctions and preventing the misuse of digital assets for nefarious purposes. 

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