One of the most common but false notions about crypto is that it is mostly used by bad actors for illicit financing. This is just not true. According to research conducted by numerous blockchain analytics companies, illicit activity accounts for less than 1 percent of cryptocurrency transactions.
Despite these findings, Warren and her consortium of legislators are seeking clarity on the Treasury and Biden administration’s strategies to counteract the grave national security risks associated with crypto’s alleged role in terrorist financing. The group of lawmakers are expecting answers by October 31, 2023.
Traditional fiat currency, however, remains the dominant choice for many financial misdemeanors, such as money laundering and terrorist financing.
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