The United States House of Representatives Financial Services Committee (FSC) has scheduled a Nov. 15 hearing for a deep dive into illicit actions in the cryptocurrency ecosystem.
The “Crypto crime in context: breaking down the illicit activity in digital assets,” hearing will function distinguished crypto entrepreneurs as attendees.
According to the committee’s calendar, Bill Hughes, senior counsel and director of world regulatory issues at Consensys, and Jonathan Levin, co-founder and chief technique officer at Chainalysis, will take part in the hearing as witnesses. Former federal officer and human trafficking finance specialist Jane Khodarkovsky will even be part of the duo as a witness. The committee memorandum on the hearing clarifies the FSC’s motive:
“To ensure that the digital asset ecosystem is not exploited by bad actors, it is critical that Congress understand the degree to which illicit activity exists, what tools are available to combat this activity and explore any potential gaps to prevent and detect illicit activity.”
Discussions round illicit activity, similar to cash laundering and terror financing, will take middle stage at the hearing. FSC cited a Chainalysis report from January 2023, which said that illicit cryptocurrency volumes reached all-time highs amid a surge in sanctions designations and hacking.
The hearing will even study the depth of Anti-Money Laundering and Counter-Terrorist Financing measures enforced by crypto exchanges and decentralized finance suppliers.
In addition, the position of governing entities, together with the Financial Crimes Enforcement Network, the Office of Foreign Assets Control and the Department of Justice (DOJ), will even be mentioned at the hearing.
Related: First major success in US Congress for two crypto bills: Law Decoded
In July, Representative Patrick McHenry, the chairman of the FSC, introduced the markup of laws to deliver regulatory readability for the issuance of stablecoins designed to be used for cost.
#NEW: Chairman @PatrickMcHenry broadcasts a markup of laws to present readability for the digital asset ecosystem and deal with nationwide safety issues.
Read extra https://t.co/kb2smj24Io
— Financial Services GOP (@FinancialCmte) July 22, 2023
Meanwhile, the DOJ has determined to double the headcount of its crypto crime team. In the method, the DOJ merged its two groups — the Computer Crime and Intellectual Property Section and the National Cryptocurrency Enforcement Team — to kind the brand new “super-charged” unit tasked to fight ransomware crimes.
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