Understanding the Uses of Blockchain Technology
The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion recently held a hearing to educate members on the uses of blockchain technology. The hearing, entitled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets,” took place on Nov. 15 and was noted to be bipartisan in nature by chair French Hill.
Hill opened the meeting by referencing an article from The Wall Street Journal that discussed the use of crypto by Hamas for fundraising. He also mentioned that the article was corrected to reflect more accurate data produced by blockchain analytics firm Elliptic. Hill emphasized that just as phones and the internet are not to be blamed for terror financing, crypto should not be either.
The panel of witnesses included representatives from ConsenSys and Chainalysis, as well as forensic experts and a senior counsel from law firm Hogan Lovells. They discussed the need for international collaboration and public-private collaboration to stop the misuse of digital assets, the necessity for well-crafted legislation, and the complexities of blockchain sleuthing.
During the hearing, Rep. Brad Sherman asked Dynamic Securities Analytics President Alison Jimenez for an example of a licit use of a crypto mixer, which she was unable to provide.
Hot Take: Examining the Role of Blockchain Technology in Financial Crime
The recent hearing held by the United States House Financial Services Subcommittee on Digital Assets shed light on the importance of understanding blockchain technology and its role in financial crime. The bipartisan nature of the meeting emphasized the need for collaboration and legislation to address illicit activities involving digital assets. As discussions continue, it is evident that a deeper understanding of blockchain technology is crucial in combatting financial crime effectively.
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