US Financial Committee to Investigate Crypto to Combat Terrorist Financing

The US House of Financial Service Committee (FSC)  is set to conduct an in-depth investigation of crypto service platforms and explore its role in facilitating money laundering and terrorist financing

The US Financial Committee will explore the dark side of the crypto industry and aim to prevent the virtual assets industry from financial crimes in the upcoming hearing on Nov 15th, titled “Crypto crime in context: breaking down illicit activities in digital assets.” The FSC’s initiative comes when conversations on digital asset regulation and the future are gaining steam. Crypto service platforms are becoming increasingly crucial for users to understand and impact the world of blockchain technology and cryptocurrencies. 

These platforms provide users access to various services, such as buying and selling cryptocurrencies, trading, and investing. However, they also have a dark side, damaging the integrity of the global economic centre. The House of Committee will investigate the dark side and provide users with a secure place to store their cryptocurrencies. Additionally, the Committee will discuss creating platforms allowing users to access the latest news and information related to blockchain technology and cryptocurrencies to safeguard from crypto scams. In the meeting, will see the participants who have vital roles in cryptocurrency sectors, including a senior counsel and director at Consensys, Bill Hughes, and the co-founder of Chainalysis, Jonathan Levin. It shows the FSC’s intention to protect the digital world and ensure the virtual assets sector is not exploited by bad actors. 

Previously, the FSC’s chairman, Patrick McHenry, announced in July the introduction of the rigid legislation to provide a secure environment for the users and crypto service providers. Currently, the Department of Justice (DOJ) is stepping up its efforts to combat crimes involving cryptocurrencies through joint efforts with the National Cryptocurrency Enforcement Team with its Computer Crime and Intellectual Property Section to create a stronger, new unit dedicated to combating ransomware offences.

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