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The Week in Crypto Policy: Two Illicit Finance Hearings
Key Insights
- The House Financial Services ("HFS") subcommittee on digital assets explored ways to combat illicit activity involving crypto, covering the lack of AML/CFT controls at offshore exchanges, mixers, and DeFi.
- The full HFS committee held a FinCEN oversight hearing where Members discussed the scope of crypto use by bad actors and FinCEN's proposed rule on cryptocurrency mixing services.
Digital Asset Subcommittee Hearing
On Thursday, the HFS subcommittee on Digital Assets, Financial Technology, and Inclusion held a hearing on "Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity."
Key Takeaways:
- By and large, Members on the subcommittee recognize that law enforcement can leverage the transparent nature of public blockchains to combat illicit finance in ways not available in traditional 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.