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The Week in Crypto Policy: AML/CFT Hearings, New Speaker, and PROOF Act
Key Insights
- House and Senate committees held hearings to examine funding sources for terrorists, including discussion of crypto's role and related legislative proposals.
- The House elected Rep. Mike Johnson as Speaker, paving the way for legislative business to resume on the floor.
- Senators Thom Tillis (R-NC) and John Hickenlooper (D-CO) introduced a bill that would require crypto exchanges to have independent accountants verify their proof of reserves and prohibit the commingling of funds.
House and Senate Hold Hearings on Terrorist Financing
On Wednesday and Thursday, two House Financial Services subcommittees and the full Senate Banking Committee held hearings to examine how money moves to Hamas, Hezbollah, and other terrorist groups. The hearings were not crypto-centric, instead primarily focusing on Iran and sanction policies.
Key Takeaways:
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.