US will be forced to curtail crypto if industry fails to act on illicit finance threats- official

The U.S. government will cut off cryptocurrency companies from the broader U.S. economy if they fail to block and report illicit money flows, Deputy Treasury Secretary Wally Adeyemo warned the industry on Wednesday. Speaking at an event hosted by the Blockchain Association, Adeyemo said that crypto companies need to do more to curtail the flow of illicit finance, and that the lack of action across the sector presents a risk to the U.S. "Our actions over the last year send a clear message: we will not hesitate to bring to bear tools across government to protect our national security," Adeyemo said in prepared remarks.