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How Crypto May Be Targeted By Congress In Domestic Terrorism Financing

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The House Financial Services Committee issued an update to the schedule for hearings in January 2020 yesterday, with one hearing of note on January 15 that will very likely have policy implications for cryptocurrency in terms of its potential use to finance domestic terrorism in the U.S.

Scheduled for Wednesday, January 15, at 10am, the hearing is titled ‘A Persistent and Evolving Threat: An Examination of the Financing of Domestic Terrorism and Extremism.’ The Subcommittee on National Security, International Development, and Monetary Policy will be holding the hearing.

Hacker man using laptop and computer with green binary graphic and cryptocurrency candlestick graph ... [+] price on monitor screen. Cyber crime digital currency laundering conceptGetty

In a recent article by Forbes, three themes in regulation for 2020 were identified, one area of which was titled ‘Cryptocurrencies pose unique risks for illicit activity’.

Three Cryptocurrency Regulation Themes For 2020 - And The Flawed Premises Behind Them Forbes Brian Brooks

With the focus last year on the threats of increased money laundering and terrorist financing activities as a result of the Facebook Libra Project, it is hard to see how the House Financial Services Committee would not be ready to take a closer look at how cryptocurrency plays a role in the threat of increasing the financing of terrorism here in the United States.

The Chairman of the Subcommittee holding the hearing, Chairman Cleaver II (D-MO) has introduced the COUNTER Act last year, a bill that passed the House of Representatives and is currently in the Senate.

WASHINGTON, DC - NOVEMBER 13: Rep. Emanuel Cleaver (D-MO) at the Yahoo Finance All Markets Summit: ... [+] America's Financial Future at The Newseum in Washington D.C. on November 13, 2018 in Washington, DC. (Photo by Tasos Katopodis/Getty Im...
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