Your House Financial Services Subcommittee on Digital Assets, Financial Technology & & Inclusion assembled the afternoon of Wednesday, November 15th, to talk about illegal activity in concerns to cryptocurrency.
Bad stars
“We understand that bad stars take advantage of vulnerabilities anywhere they can discover them,” stated House Financial Services Committee Chairman Patrick McHenry (NC-10). “There’s a bipartisan contract, however, that we need to hold these bad stars to account in every method possible and, particularly, when it pertains to digital possessions and the digital possession environment.”
The subcommittee conference comes a little over a month after an October 7th attack by the militant group, Hamas, saw 1200 Israelis eliminated.
According to BitOK, a monetary audit business based out of Tel Aviv, Hamas got around $41 million in crypto wallets in between August 2021 and June 2023.
Comprehending the innovation
“Members in this space should much better comprehend the degree of illegal activity, find out how we can utilize Blockchain innovation to fight illegal activity, take a look at the analytic tools that are presently offered to fight this activity and check out spaces that might avoid and identify illegal activity,” stated Congressman French Hill (AR-02), Chairman of the Subcommittee on Digital Assets, Financial Technology & & Inclusion.
The subcommittee hearing follows one held the other day by The Senate Committee on Banking, Houses, and Urban Affairs, resolving the requirement for regulative oversight in the monetary sector. It comes in the middle of wider conversations for legislation and policy within the crypto market.
Witnesses consisted of Senior Counsel and Director of Global Regulatory Matters at ConsenSys and previous Associate Deputy Attorney General at the Department of Justice, Bill Hughes, previous Trial Attorney, and Human Trafficking Finance Specialist with the U.S. Department of Justice’s Money Laundering and Asset Recovery Section and partner at Arktouros, Jane Khodarkovsky, and co-founder & & Chief Strategy Officer of Chainalysis, Jonathan Levin, to name a few.
Discovering Hamas’ footprint
Members of your house Financial Services Committee continued to send out a letter to President Biden and U.S. Treasury Secretary Janet Yellen in the middle of their “bipartisan fact-finding objective” to reveal the real degree of financing terrorist companies like Hamas get through ways of illegal cryptocurrency.
“We ask for the White House and the Treasury to make use of the open blockchain journal to examine the footprint of Hamas’s digital property fundraising project,” specified House Majority Whip Tom Emmer (MN-06). “In doing this, Congress can much better comprehend the United States’ readily available tools and abilities to target bad stars on blockchain and assistance genuine digital possession usage and development.”
“It’s vital that we hold bad stars in the digital property environment responsible in order for genuine gamers to prosper,” included Chairman McHenry.
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