POLARIS National Security Group Issues Memo Urging Congress to Regulate Cryptocurrency for Security Reasons

Com reported. The Senate is considering the CLARITY Act, a bill that would tighten regulations on cryptocurrency domestically and abroad. POLARIS National Security released a memo that makes five policy recommendations for Washington, according to the Daily Caller News Foundation.

' The POLARIS memo urges senators to expand enforcement tools aimed at sanctions evasion. S. adversaries. It also urges closing gaps that allow offshore accounts to move illicit funds. S. action all the more important.

U.S. should be subject to the same regulations as banks. The POLARIS report states that cryptocurrency is used by ransomware hackers to process payments beyond the reach of law enforcement and banks, citing a Treasury Department press release.

' The Treasury Department announced on February 28, 2022, that it would freeze Russian assets during the early stages of the Russia-Ukraine war. A Department of the Treasury report released on June 29, 2022, tallied frozen Russian assets at roughly $300 billion. S.

' The Trump administration published an executive order on January 23, 2025, that supports the growth and development of digital assets. ' Cryptocurrencies have been used in recent years by North Korea, Russia, and Iran to circumvent economic sanctions, according to the Treasury Department. com reported citing the Department of Justice.