U.S. Treasury calls upon the cryptocurrency industry for help
In a speech given at the Financial Crimes Enforcement Conference in Maryland, Sigal Mandelker, Under Secretary of the Treasury for Terrorism and Financial Intelligence as well as the Acting Deputy Secretary of the Treasury, called on those in digital currency markets to aid in the advancement of cryptocurrency security measures.
Mandelker and other groups released a joint statement encouraging the private sector to establish new policies aimed at issues such as money laundering, terrorism financing, and the illicit collection of digital currencies. He then went on to discuss new efforts being made by the Office of Foreign Assets Control (OFAC), which for the first time this week released the bitcoin addresses of two men charged for illicitly gaining bitcoin. The men Mandelker was referring to were a pair of Iranian hackers involved in the SamSam ransomware hacks earlier this year.
Mandelker stated that cryptocurrency entrepreneurs using their “technical expertise” must improve network security and take the necessary steps to prevent exploitation of their services. He then gave an example of a compliance company that quickly sent out information regarding OFAC’s new sanctions, and stated,
“That’s exactly what we want to see in this and other areas.”