The Week in Crypto Policy: Two Illicit Finance Hearings

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. Overall, Members recognized that law enforcement can leverage the transparency of public blockchains to combat illicit finance in ways not available in traditional finance. At another HFS hearing focused on FinCEN oversight, Members discussed the scope of crypto use by bad actors and FinCEN’s proposed rule on cryptocurrency mixing services.

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