Political Quotes

“I thank Chairman McHenry for the time. Mr. Chair, I congratulate the gentlewoman from Colorado on this very effective amendment because she shares that passion that we have all had through this entire process, which is to recognize that we need to have vigorous anti-money laundering/Bank Secrecy Act and Know Your Customer protections around digital finance just like we do in the analog financial services system. Her bill will strengthen that. I was just reviewing the Treasury Department's 2024 national security for combating terrorists and other illicit financing, and it brings to mind what a better regime it is to have blockchain. Because a blockchain, Mr. Chair, has the identity connected with the transaction. It leaves an indelible mark cryptographically of those transactions that makes illicit finance easier to identify, not less. The Treasury Department points out that the top abusers, the top concern about illicit finance, are misuse of cash, including bulk cash, misuse of financial products and services like money orders; easy formation and limited information required to create a legal entity. An example is the use of casinos. That is what the Treasury Department says are the toughest, most- challenging aspects of terror finance, and that is why this study will help us make sure that using blockchain is a more effective way to counter illicit finance in the world. Mr.…”