{"id":85034,"date":"2023-11-15T19:40:10","date_gmt":"2023-11-16T00:40:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/house-financial-services-subcommittee-on-digital-assets-tackles-hamas-illicit-cryptocurrency\/"},"modified":"2023-11-15T19:40:13","modified_gmt":"2023-11-16T00:40:13","slug":"house-financial-services-subcommittee-on-digital-assets-tackles-hamas-illicit-cryptocurrency","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85034","title":{"rendered":"House Financial Services Subcommittee on Digital Assets Tackles Hamas&#8217; Illicit Cryptocurrency"},"content":{"rendered":"<div>\n<p><noscript><\/noscript><\/p>\n<p>The House Financial Services Subcommittee on Digital Assets, Financial Technology &amp; Inclusion convened the afternoon of Wednesday, November 15th, to discuss illicit activity in regards to cryptocurrency.<\/p>\n<h2>Bad actors<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>\u201cWe know that bad actors prey on vulnerabilities wherever they can find them,\u201d said Chairman House Financial Services Chairman Patrick McHenry (NC-10). \u201cThere\u2019s a bipartisan agreement, though, that we must hold these bad actors to account in every way possible and, specifically, when it comes to digital assets and the digital asset ecosystem.\u201d<\/p>\n<p>The subcommittee meeting comes a little over a month after an October 7th attack by the militant group, Hamas, saw 1200 Israelis killed.<\/p>\n<p>According to BitOK, a financial audit company based out of Tel Aviv, Hamas received approximately $41 million in crypto wallets between August 2021 and June 2023.<\/p>\n<h2>Understanding the technology<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>\u201cMembers in this room must better understand the degree of illicit activity, learn how we can use Blockchain technology to combat illicit activity, examine the analytic tools that are currently available to combat this activity and explore gaps that may prevent and detect illicit activity,\u201d said Congressman French Hill (AR-02), Chairman of the Subcommittee on Digital Assets, Financial Technology &amp; Inclusion.<\/p>\n<p>The subcommittee hearing follows one held yesterday by The Senate Committee on Banking, Houses, and Urban Affairs, addressing the need for regulatory oversight in the financial sector. It comes amidst broader discussions for legislation and regulation within the crypto industry.<\/p>\n<p>Witnesses included Senior Counsel and Director of Global Regulatory Matters at ConsenSys and former Associate Deputy Attorney General at the Department of Justice, Bill Hughes, former Trial Attorney, and Human Trafficking Finance Specialist with the U.S. Department of Justice\u2019s Money Laundering and Asset Recovery Section and partner at Arktouros, Jane Khodarkovsky, and co-founder &amp; Chief Strategy Officer of Chainalysis, Jonathan Levin, among others.<\/p>\n<h2>Uncovering Hamas\u2019 footprint<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Members of the House Financial Services Committee proceeded to send a letter to President Biden and U.S. Treasury Secretary Janet Yellen amidst their \u201cbipartisan fact-finding mission\u201d to uncover the true extent of funding terrorist organizations like Hamas receive through means of illicit cryptocurrency.<\/p>\n<p>\u201cWe request the White House and the Treasury to utilize the open blockchain ledger to assess the footprint of Hamas\u2019s digital asset fundraising campaign,\u201d stated House Majority Whip Tom Emmer (MN-06). \u201cIn doing this, Congress can better understand the United States\u2019 available tools and capabilities to target bad actors on blockchain and support legitimate digital asset use and innovation.\u201d<\/p>\n<p>\u201cIt\u2019s essential that we hold bad actors in the digital asset ecosystem accountable in order for legitimate players to thrive,\u201d added Chairman McHenry.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/house-financial-services-subcommittee-on-digital-assets-tackles-hamas-illicit-assets.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House Financial Services Subcommittee on Digital Assets, Financial Technology &amp; Inclusion convened the afternoon of Wednesday, November 15th, to discuss illicit activity in regards to cryptocurrency. Bad actors \u201cWe know that bad actors prey on vulnerabilities wherever they can find them,\u201d said Chairman House Financial Services Chairman Patrick McHenry (NC-10). \u201cThere\u2019s a bipartisan agreement, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-85034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>House Financial Services Subcommittee on Digital Assets Tackles Hamas&#039; Illicit Cryptocurrency | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The House Financial Services Subcommittee on Digital Assets, Financial Technology &amp; Inclusion convened the afternoon of Wednesday, November 15th, to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=85034\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House Financial Services Subcommittee on Digital Assets Tackles Hamas&#039; 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