Congressman Hill Tackles Cryptocurrency Risks In Recent Report

During a recent hearing of the Digital Assets, Financial Technology, and Inclusion Subcommittee, Chairman French Hill discussed the susceptibility of cryptocurrency to security threats and emphasized the need for protective measures against illicit activities.

The Congressman further noted that despite these concerns, wrongdoers still exhibit a preference for utilizing traditional fiat currencies over digital assets.

During the Financial Services Committee meeting, the committee deliberated on the need for comprehensive laws and security measures to address the growing dangers. Hill said,

“This committee aims to explore the tools available to law enforcement for pursuing individuals engaged in illicit activities using cryptocurrency. Additionally, the committee seeks to identify and address any potential gaps in law enforcement authorities in this context.”

Hill claimed in an X post that terrorists or other illegal actors will use every means necessary to carry out their crimes. They don’t rely on cryptocurrencies alone. “Crypto is not the enemy,” he continued.

Cryptocurrency Legislation Targets Terrorist Financing

However, Examining the purported involvement of cryptocurrencies in the Israeli attack, Hill expressed apprehensions regarding the existing security issues in the crypto sector.

It has been reported that Hamas has garnered funds through cryptocurrencies, and it is estimated that the group has accumulated over $130 million in crypto since 2021.

Additionally, Hill claimed that the transparency of public blockchains aids law enforcement in monitoring activities and obtaining essential information about individuals engaging in illicit behavior.

Nevertheless, Hill emphasized that the uncompromising nature of blockchain technology underscores the need for international collaboration.

Moreover, the proposed legislation aims to impose fresh sanctions on foreign entities facilitating financial transactions with terrorist groups. Additionally, it seeks to broaden the list of designated terrorist organizations in the United States to include Hamas.

Hill filed two measures that addressed crypto laws in the House of Representatives in January. The bills were developed by American lawmakers. He declared that in 2024 the measures would “come to fruition.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.