US Financial Services Committee to Probe Illicit Crypto Activities in Upcoming Hearing
Summary:
The Financial Services Committee (FSC) of the United States is set to conduct a hearing on November 15 to scrutinize illegal activities in the cryptocurrency sector. Among the attendees will be notable crypto entrepreneurs, federal officials, and finance specialists. The committee plans to focus on illicit activities such as money laundering and terrorist financing, while also evaluating anti-money laundering measures implemented by crypto exchanges and DeFi providers. The roles and contributions of regulatory entities like DOJ, FinCEN, and OFAC will also be discussed at the hearing.
A comprehensive examination of crypto-related illegal activities is set for November 15th by the Financial Services Committee (FSC) of the United States. The congregation, themed 'Placing crypto crimes in context: decoding the illicit activities in digital assets', plans to host notable figures from the crypto industry. As stated by the Committee's schedule, roles of witnessing the hearing will be taken up by Consensys's senior counsel and global regulatory affairs director, Mr. Bill Hughes, and Chainalysis's co-founder and chief strategy officer, Mr. Jonathan Levin. They will be joined by former government officer and expert on human trafficking finance, Jane Khodarkovsky. According to the Committee's memorandum about the hearing, the FSC aims to ensure that digital assets are not misused by illegal elements and to comprehend the magnitude and scale of illicit activities undertaken in this sector. Focus will be mainly on counterfeit activities such as terrorism financing and money laundering during the discussions. Reference to Chainalysis's report from January 2023 was made by the FSC, highlighting a record high in illicit cryptocurrency volumes during a peak in sanctions attributions and hacking. The hearing also plans to investigate the intensity of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) adopted by crypto exchanges and Decentralized Finance (DeFi) providers. Furthermore, the contributions of regulatory authorities such as the Department of Justice (DOJ), the Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Assets Control (OFAC) will be part of the discussions at the hearing.
In July, FSC Chairman Patrick McHenry made known the initiation of legislation to bring regulatory lucidity to the issuance of stablecoins intended for payment. Simultaneously, the DOJ has taken a decision to amplify its crypto crime team's size by two times, resulting in the merger of its Computer Crime and Intellectual Property Section and National Cryptocurrency Enforcement Team into a super unit tasked with handling ransomware crimes.
Published At
11/13/2023 1:19:43 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.