US threatens to clip crypto's wings if industry fails to act on illicit finance threats

US threatens to clip crypto's wings if industry fails to act on illicit finance threats

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum and DogeCoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

The US government will cut off cryptocurrency companies from the broader US economy if they fail to block and report illicit money flows, Deputy Treasury Secretary Wally Adeyemo warned the industry on Wednesday.

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