The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion received an education in the uses of blockchain technology in a hearing titled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets” on Nov. 15. The hearing was bipartisan in nature, chair French Hill stated at the outset.
Hill began the meeting by citing an article published by The Wall Street Journal on Oct. 10 on the use of crypto by Hamas for fundraising. The article was corrected on Oct. 27 to reflect more accurately crucial data produced by blockchain analytics firm Elliptic, as Hill also mentioned. He continued:
“Phone and the internet aren’t to be blamed for terror financing, and crypto shouldn’t either.”
In a similar vein, subcommittee ranking member Stephen Lynch stated the hope that “we can put aside some of the preconceived notions some may have.”
The panel of witnesses included representatives of Consensys and Chainalysis, as well as forensic experts and a senior counsel from law firm Hogan Lovells. They spoke about the need for international collaboration and public-private collaboration in stopping the misuse of digital assets, the need for well-crafted legislation and the intricacies of blockchain sleuthing.
Representative Brad Sherman asked Dynamic Securities Analytics president Alison Jimenez for an example of a licit use of a crypto mixer, which she was unable to provide.
Related: Israeli authorities seize crypto from terror organizations, credit new technology
Plenty of other voices wanted to be heard at the same time on this topic. Hill, Representative Tom Emmer, Financial Services Committee Chair Patrick McHenry and Representativ
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Author: Derek Andersen
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