Compliance & Anti-Financial Crime
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Crypto, Financial Services, US

NEWS: Crypto enables cybercrime and fraud; U.S. regulator demands end to anonymity

CONCERNS: The US Federal Reserve, Federal Deposit Insurance Corp (FDIC) and the Office of the Comptroller of the Currency (OCC) said they had concerns with the safety and soundness of bank business models that are highly concentrated in crypto.

By Huw Jones

Anonymity is allowing crypto assets to finance illegal activities, a top U.S. regulatory official said on Tuesday, posing national security risks that must be addressed.

Christy Goldsmith Romero, a commissioner at the U.S. Commodity Futures Trading Commission, said cryptocurrencies were being used to finance cybercrime whose victims include individuals, companies, hospitals and critical infrastructure.

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