U.S. Rep. French Hill (R-Ark.) did not mince words on Capitol Hill on Thursday, effectively calling out his fellow D.C. lawmakers whose “reactionary claims proved to be greatly exaggerated” when it came to blaming cryptocurrency for funding international terrorism.

It was the second part of a House Financial Services Committee titled “Crypto Crime in Context,” where testimony was elicited from financial industry experts on anti-money laundering measures and cryptocurrency analytics.

“Through hearings and confidential briefings, this committee has heard from the intelligence community, blockchain experts, and law enforcement, and we have a much better understanding of the scope and scale of crypto’s role in terror finance,” Hill said. “While the reactionary claims proved to be greatly exaggerated in the case of Hamas and Gaza, it’s still important for us to identify and close any potential gaps that can be exploited by criminals and terrorists.”

To that end, Hill emphasized the need to ensure proper oversight of the cryptocurrency industry—which may in fact be facilitated by the technology itself.

“The transparency of a public blockchain provides law enforcement with critical data about illicit actors and their networks so that they can be gone after,” he

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Author: Ryan Kawailani Ozawa

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