U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism

U.S Congress subcommittee worries that Bitcoin might have been used in funding the Capitol revolt. However, bank reporting methods have led to arrests of people involved in the capitol attack. 

Congress is now investigating if cryptocurrency is being used in fueling domestic terrorism. A hearing titled “Dollars Against Democracy: Domestic Terrorist Financing in the Aftermath of Insurrection” is to be held by the National Security, International Development, and Monetary Policy Subcommittee. The hearing will be based on how the extremists are using cryptocurrencies due to the increase in compliance restrictions in traditional banks and payment platforms. 

The meeting agenda also includes other financial activities like crowdfunding, charities, and social media platforms with the potential for being used for illicit activities. Two major events have led Congress to have considered the use of crypto in the Capitol insurrection. 

Previously an incident occurred with as extremist committing suicide after sending 28.15 BTC to twenty-two different addresses with most belonging to the far-right activists and some internet personalities. 

Most of the BTC he sent was to an activist who was identified as being present at the Capitol during the attack. 

Another incident occurred that shows a live video of the Capitol attack on a streaming platform Dlive in which a streamer was tipped in $222 in cryptocurrency. 

According to the memo, “It is unknown whether the funds from these Bitcoin transfers or others were used in the planning and execution of the January 6th Trump rally or the Capitol insurrection that followed.”

The Committee believes that the conventional form of currency is working towards reporting unusual activities, people are turning towards non-traditional methods to finance their illicit activities.