Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of H.R. 7338, the Russia Cryptocurrency Transparency Act introduced by the chairman and ranking member of the House Foreign Affairs Committee, Representatives Meeks and McCaul. I also acknowledge Chairwoman Waters of the Financial Services Committee, who has been deeply engaged on cryptocurrency issues for years and has shown such tremendous leadership on the topic. Russia's illegal, immoral, and indefensible invasion of Ukraine has placed renewed focus on how the Putin regime evades sanctions and continues to fund itself. One answer is cryptocurrency. Virtually unregulated globally, cryptocurrency technology has increasingly become a tool for people seeking to avoid financial sanctions. While there are legitimate and responsible companies that police their platforms and products, there are also products like cryptocurrency tumblers that have little or no value to society other than helping people evade sanctions and launder money. At the same time, the people of Ukraine have demonstrated the potential value of cryptocurrency. Some refugees, for example, have found that it is a particularly useful way to conduct cross-border transactions, and the sale of nonfungible tokens has been used to support Ukraine and its people. Balancing these tradeoffs is not easy, but Chairman Meeks' bill, I believe, strikes the right balance.…”