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The Week in Crypto Policy: House Banking & Illicit Finance Hearings; 3 CryptoLetters
Before breaking for Thanksgiving recess, Congress held two hearings with significant discussion of crypto and fired off a flurry of crypto-focused letters.
Key Insights
- The House Financial Services Subcommittee on Digital Assets explored the role of digital assets in illicit finance. Members keyed in on how to bolster blockchain analysis capabilities for law enforcement, close international regulatory gaps, and identify illicit transactions occurring off-chain or involving mixers.
- House Financial Services Committee Members questioned banking regulators on stablecoins, custody, CBDCs, and Fed supervisory letters.
- Republican and Democrat Members fired off a slate of crypto-focused letters, covering illicit finance, SAB 121, and the IRS's proposed rule for digital asset brokers.
Digital Asset Subcommittee Hearing on Illicit Activity in Crypto
On Wednesday, the Digital Asset Subcommittee held a hearing examining the use of digital assets in illicit finance.
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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.