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On Nov. 15, the U.S. House Financial Services Committee will scrutinize cryptocurrency’s role in illicit activities, focusing on money laundering and terrorism funding.
The U.S. House of Representatives Financial Services Committee (<a href="https://crypto.news/tag/house-financial-services-committee/" data-type="link" data-id="https://crypto.news/tag/house-financial-services-committee/" rel="noopener noreferrer nofollow">FSC</a>) is holding a <a href="/Users/hillb/Downloads/9b4aece5-d525-4bcc-88c2-751cf7ee4565.pdf" data-type="link" data-id="file:///C:/Users/hillb/Downloads/9b4aece5-d525-4bcc-88c2-751cf7ee4565.pdf" rel="noopener noreferrer nofollow">big meeting</a> on Nov. 15 to discuss illegal activities in the cryptocurrency world.
This meeting, called “Crypto crime in context: breaking down the illicit activity in digital assets,” is essential because it looks into how digital currencies are used for crimes like money laundering and funding terrorism.
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 <a href="https://twitter.com/hashtag/NEW?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#NEW</a>: Chairman <a href="https://twitter.com/PatrickMcHenry?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@PatrickMcHenry</a> announces a markup of legislation to provide clarity for the digital asset ecosystem and address national security concerns. Read more 🔗<a href="https://t.co/kb2smj24Io" target="_blank" rel="noopener noreferrer nofollow">https://t.co/kb2smj24Io</a>— Financial Services GOP (@FinancialCmte) <a href="https://twitter.com/FinancialCmte/status/1682543040123076610?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 22, 2023</a>
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Experts like Bill Hughes from Consensys, Jonathan Levin from Chainalysis, and Jane Khodarkovsky, who knows a lot about tracking money in human trafficking, will be there to give information. They will help the committee understand the problem and where the gaps are in stopping these crimes.
You might also like: <a href="https://crypto.news/u-s-house-committee-pushes-anti-cbdc-bill/" rel="noopener noreferrer nofollow"> U.S. House committee pushes anti-CBDC bill </a>
A Jan. 12 <a href="https://www.chainalysis.com/blog/2023-crypto-crime-report-introduction/" data-type="link" data-id="https://www.chainalysis.com/blog/2023-crypto-crime-report-introduction/" target="_blank" rel="noopener noreferrer nofollow">report</a> from Chainalysis shows that many illegal areas involve cryptocurrencies, making this meeting even more urgent.
They’ll also check if the rules for stopping money laundering and terrorism funding are strong enough in crypto exchanges and <a href="https://crypto.news/tag/defi/" data-type="link" data-id="https://crypto.news/tag/defi/" rel="noopener noreferrer nofollow">decentralized finance</a>. This is key to ensuring bad actors can’t use these platforms for illegal activities.
The roles of the Financial Crimes Enforcement Network, the Office of Foreign Assets Control, and the Department of Justice (DOJ) in fighting these crimes will also be a big topic. Especially since the DOJ is doubling its team that deals with crypto crimes, showing they are earnest about this.
Read more: <a href="https://crypto.news/us-financial-committee-votes-in-favor-of-key-crypto-bills/" rel="noopener noreferrer nofollow"> US financial committee votes in favor of key crypto bills </a>

U.S. House Committee to probe crypto’s role in illicit activities

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