On February 15, 2024, the House Financial Services Committee held a hearing to examine approaches to combat illicit activity in the cryptocurrency sector. Key testimonies were provided by representatives from the U.S. Treasury's Financial Crimes Enforcement Network and Office of Terrorism and Financial Intelligence, focusing on the minimal role of digital assets in financing terrorism and illicit finance. Undersecretary Brian Nelson confirmed that the use of crypto by terrorist groups like Hamas and PIJ is relatively small compared to traditional financial methods. The hearing also addressed misconceptions about the scale of crypto's use in illicit finance, with emphasis on the traceability of cryptocurrency transactions, which can aid law enforcement efforts. This session is part of a broader effort by the committee to understand the tools available to law enforcement to pursue bad actors in the crypto space and to identify any gaps in their authorities.
Treasury Official Confirms #Crypto Isn't a Popular Tool for Terrorists — Says They 'Prefer Traditional Products' https://t.co/y2deuEuXM9
ICYMI: House lawmakers to hash out crypto, illicit finance as AML bills come into focus https://t.co/LOgmkAugif
The Biden DOL has launched a new rule that would drastically limit retirees' access to important retirement products and hurt their hard-earned savings. The Committee stood strongly with retirees against the rule. Read the hearing recap below ⤵️⤵️ https://t.co/2qrD4Gpvrk
Congress is finally getting it: House hearing on crypto crime highlighted the conundrum that what makes crypto at risk for illicit use is exactly what makes it attractive for legal users, and an improvement over tradfi, too, @Benjaminopowers reports. https://t.co/Y7hFnaxKmV
One thing from today’s hearing that struck me is how far the policy conversation in the House on crypto crime has come. There are still differing views, but it went from “crypto is funding Russia’s invasion” to now in-depth discussions on the tech and how policy would affect it. https://t.co/GXWlwkRakb
.@RepJimBanks shares testimonials from retirement experts on how DOL's similar 2016 fiduciary rule hurt American savers. Witness Mr. Berkowitz says the duplicative reg, already under @SECGov, @naic & state regulators purview, is another power grab by the anti-worker Biden admin. https://t.co/Yl1yOf8Y0C
“Unlike fiat currency which is often untraceable, cryptocurrency is eminently traceable.” Rep. Torres raises a critical point: law enforcement often PREFERS that criminals use crypto. Why? Because it’s easier to log, track, and ultimately recover transactions. https://t.co/Wt4vtNgK1u
House Financial Services subcommittee hearing on crypto and illicit finance https://t.co/yO1KaUWKhW
#Crypto is not the enemy. Terrorists will use any means necessary - cash or crypto- to accomplish their means. https://t.co/gxuqESMFG0
#WATCH: @RepFrenchHill at today's hearing: "This committee seeks to understand the tools that law enforcement have to go after bad actors using crypto, as well as to learn what, if any, gaps exist in law enforcement authorities." Read 🔗 https://t.co/ujQw4Cfhim 📺 Watch 👇 https://t.co/zVNt3FEM1B
Tune in now for the hearing in the House Financial Services Committee: "Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity" https://t.co/w95LnjmGHw
#HappeningNow: Chairman @RepFrenchHill convenes the Digital Assets, Financial Technology and Inclusion Subcommittee for a hearing entitled "Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity." 📺 Watch live 🔗 https://t.co/XNZ7MZrdyw
#HappeningNow: Subcmte on Digital Assets, #FinTech & Inclusion hearing examining approaches to combat illicit activity. 📺WATCH or 📻LISTEN to it LIVE: https://t.co/kiwx5FlRk0
Saving for retirement is crucial for American families, and access to professional financial advice should not be hindered by burdensome overregulation. @USDOL's recently proposed fiduciary rule is nothing more than a recycled Obama-era disaster that does more harm than good to… https://t.co/o40gIq2ahm
This afternoon, I will be participating in a @FSCDEMS Subcommittee hearing entitled “Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.” Watch here at 2 PM ⬇️https://t.co/jfsIJI62sI
#TODAY @ 2:00 PM - Subcmte RM @RepStephenLynch leads Dems as the Subcmte on Digital Assets, #FinTech & Inclusion holds a hearing entitled, “#Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.” 💻: https://t.co/1vPtZJ9boP 📻: https://t.co/f6WPF6CKlb
.@RepBobGood starts today's hearing: 'DOL’s expansive rule is a blatant power grab, seeking to force more types of financial professionals under its control... Planning for retirement is already scary enough, but the Biden admin's overreach will make that process much worse.' https://t.co/gImKFTgcLb
#WATCH: @RepAndyBarr: Today's hearing will explore: ➡️ The difference between the Fed's discount window and emergency 13(3) lending ➡️ If we rely on the Fed too much in times of stress ➡️ 'Stigma’ associated with the discount window. Read 🔗 https://t.co/0UikWdFtEK 📺👇 https://t.co/cOKG1Iotlx
Unscrupulous retirement investment advisors can cause workers and families to lose everything they saved for retirement. Yet, the House GOP is trying to stop Pres. Biden from confronting this problem. #Watch Cmte Dems fight to protect workers' savings.https://t.co/JZ3JwWRZlI
#HappeningNow: Chairman @RepAndyBarr convenes the Financial Institutions and Monetary Policy Subcommittee for a hearing entitled "Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending." 📺 Tune in 🔗 https://t.co/MIXMHmWMjg https://t.co/ZmhMfvXPie
The US Treasury Dept. has weighed in: >The WSJ figures on Hamas’ crypto fundraising were incorrect >Which means Warren’s letter to the White House on the subject was based on false information >Fiat dwarves crypto in terms of money laundering Got anything to say @SenWarren? https://t.co/UEdlLywqcf
RELEASE: BPI Chief Economist Bill Nelson will testify today at a House Subcommittee on Financial Institutions and Monetary Policy hearing titled “Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending.” See his written statement: https://t.co/eie9PQigPu
DOL's proposed fiduciary rule will have a devastating impact on Americans’ retirement savings. Today, @RepBobGood holds a hearing to expose this attack on Americans’ retirement investment freedom and financial security. Live @ 10:15 https://t.co/NpiUimeuGA
In this SIFMA Minute video, we explain how the proposed "Retirement Security Rule" from the @USDOL could limit access to advice and investment education, raise costs on investments and change the way investors work with their financial advisor. More: https://t.co/8fVe40RHqx https://t.co/TpDTsp2ywu
The U.S. Treasury’s Undersecretary for Terrorism and Financial Intelligence Brian Nelson confirmed that terrorist groups like Hamas and PIJ are using crypto in relatively small amounts compared to what is being widely reported. @tikta_ reports https://t.co/Aq182Rbi28
US Treasury Official Destroys 'Crypto Funds Terrorists' Narrative https://t.co/blcrrmBvJt
In a hearing today, @USTreasury representatives said crypto represented only a small portion of illicit finance, particularly when it came to terrorism, @benjaminopowers reports https://t.co/mxqtZBrPIw
The Warren Narrative is Crumbling It’s now a matter of congressional record that the numbers Sen. Warren cited re: Hamas and crypto are false and misleading. According to whom? Our own Treasury Department. Rep. Emmer: “Hamas is using crypto in relatively small amounts compared… https://t.co/JbB4c1tlsL
Tomorrow at 10:15 AM — Health, Employment, Labor, and Pensions Subcommittee Chair @RepBobGood will hold a hearing titled: "Protecting American Savers and Retirees from DOL’s Regulatory Overreach." Watch live & more info: https://t.co/NpiUimdWR2 https://t.co/tFCSqfCYvF
JUST IN: Congressman Emmer gets the Head of FinCEN to admit that the WSJ article about crypto being used to fund Hamas was inaccurate and that terrorists prefer to use traditional services to move money 👀😮 https://t.co/M3MmN1mcDa
.@UnderSecTFI and @FinCENnews’s Andrea Gacki testified before the House today about the role of crypto in illicit finance and how blockchains make tracking easier. Spoiler alert: Most criminals are still predisposed to cash, @benjaminopowers reports https://t.co/mxqtZBrPIw
Today, I asked Treasury's Head of FinCEN and OFAC about the WSJ's reporting on Hamas's digital asset fundraising campaign. Undersecretary Nelson CONFIRMED, on the record, that the WSJ's numbers were inaccurate and that crypto was not even a popular tool for Hamas terrorists. https://t.co/Y2nSJfe3Lk
Critics are increasingly citing illicit finance as justification to restrict innovation in the digital asset ecosystem. Under questioning from @GOPMajorityWhip, @USTreasury Undersecretary Nelson confirmed digital assets play a limited role in financing terrorism. 📺👇 https://t.co/z9DK986ohg
📺TUNE IN📺 This morning, my colleagues and I on @FSCDems will be participating in a hearing on the “Oversight of the Financial Crimes Enforcement Network (#FinCEN) and the Office of Terrorism and Financial Intelligence (#TFI).” Watch live: https://t.co/UvRlvGMAjN
.@RepKiley kicks off oversight hearing with WHD Administrator Looman: "The rules and regulations passed down over the past year by DOL’s Wage and Hour Division will be extremely harmful to American workers, job creators, and small businesses." Tune in: https://t.co/JVvxSvddwu https://t.co/s0UXyBI1JY
#LiveNow: Chairman @PatrickMcHenry convenes the House Financial Services Committee for a hearing to conduct oversight of @USTreasury's Financial Crimes Enforcement Network and Office of Terrorism and Financial Intelligence. Tune in 🔗 https://t.co/AO6GuVymMw https://t.co/BuRutG34Ke
TRM’s @ARedbord will testify on February 15, before the House Financial Services Committee on examining approaches to combat illicit activity in crypto. Read the testimony: https://t.co/BIW5t2oOCc Tune in tomorrow at 2PM ET here: https://t.co/spJXMHCp12