The United States House of Representatives Financial Services Committee (FSC) has scheduled a Nov. 15 hearing for a deep dive into illicit activities in the cryptocurrency ecosystem.
The committee’s calendar shows that the “Crypto crime in context: breaking down the illicit activity in digital assets,” hearing will include prominent crypto entrepreneurs as attendees.
Bill Hughes, senior counsel and director of global regulatory matters at Consensys, and Jonathan Levin, co-founder and chief strategy officer at Chainalysis, are among the witnesses. Former federal officer and human trafficking finance specialist Jane Khodarkovsky will also join as a witness. The FSC aims to understand the degree of illicit activity, available tools to combat it, and potential gaps to prevent and detect it.
Chainalysis reported that illicit cryptocurrency volumes reached all-time highs amid a surge in sanctions designations and hacking. The hearing will also examine Anti-Money Laundering and Counter-Terrorist Financing measures enforced by crypto exchanges and decentralized finance providers.
Hot Take: FSC Hearing to Address Crypto Crime
The FSC hearing is a critical step toward understanding the challenges of illicit activities in the cryptocurrency ecosystem. It is essential for Congress to assess the current state of affairs, explore potential solutions, and ensure that regulatory clarity is established for the digital asset ecosystem.
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