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Home BREAKING NEWS

House Committee Examines Surge in Crypto Crimes and Regulations

BlockNews.com Team by BlockNews.com Team
November 13, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • House Financial Services Committee will hold a hearing on November 15th examining illicit crypto activities like money laundering, terrorism financing, and hacking.
  • Hearing will assess spike in illegal crypto transactions found in Chainalysis report and effectiveness of AML protocols among crypto exchanges.
  • Regulatory bodies like FinCEN, OFAC, and DOJ will be examined on their oversight roles of the crypto industry.

The House Financial Services Committee (FSC) is preparing to examine unlawful activities in the cryptocurrency sector during an upcoming hearing on November 15th. The hearing comes as the crypto industry faces growing regulatory scrutiny.

🚨 NEWS: 🇺🇸 House Financial Services Committee to investigate unlawful activities in the crypto sector.

They will hold a hearing titled "Crypto crime in context" on Nov. 15th. pic.twitter.com/y3QF2wWbIH

— BlockNews.com (@blocknewsdotcom) November 13, 2023

Details of the Hearing

The hearing is titled “Crypto crime in context: breaking down the illicit activity in digital assets.” It aims to explore topics like money laundering, terrorism financing, and hacking within crypto.

The hearing will feature testimony from experts including Bill Hughes of Consensys, Jonathan Levin of Chainalysis, and Jane Khodarkovsky, an expert on human trafficking finance.

Key topics will include findings from a January 2023 Chainalysis report showing a spike in illegal crypto transactions. The hearing will also assess the effectiveness of anti-money laundering (AML) protocols among crypto exchanges and DeFi platforms.

Regulatory Bodies Under Review

The committee will examine the roles of regulatory agencies like the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and the Department of Justice (DOJ) in overseeing the crypto industry.

Recent Regulatory Developments

In July, the FSC introduced legislation to provide regulatory clarity around stablecoin issuance. Meanwhile, the DOJ merged teams to form a new unit focused on crypto-related crimes like ransomware.

The government’s increasing focus on illicit crypto activity demonstrates the urgency of understanding and mitigating unlawful behavior in the digital asset space through regulatory efforts.

Conclusion

As the crypto sector continues to grow, regulatory bodies are prioritizing oversight of illegal activities. The upcoming House hearing marks an important step toward curbing money laundering, hacking, and other crypto crimes through policy reform.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBusinesscryptoethereumFSC
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BlockNews.com Team

BlockNews.com Team

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