The United States Financial Services Committee (FSC) has scheduled a hearing on November 15th to delve into the issue of illicit activities within the cryptocurrency ecosystem. The hearing, titled “Crypto crime in context: breaking down the illicit activity in digital assets,” will feature prominent figures from the crypto industry as witnesses. Among them are Bill Hughes from Consensys, Jonathan Levin from Chainalysis, and Jane Khodarkovsky, a former federal officer specializing in human trafficking finance. The FSC aims to understand the extent of illicit activity in the digital asset space, explore tools to combat it, and identify any potential gaps in prevention and detection. The focus of the discussions will be on topics such as money laundering and terror financing. The hearing will also examine the effectiveness of Anti-Money Laundering and counter-terrorism financing measures implemented by crypto exchanges and decentralized finance providers. Additionally, the role of governing entities like FinCEN, OFAC, and the DOJ will be discussed. This hearing comes at a time when illicit cryptocurrency volumes have reached all-time highs, as reported by Chainalysis. The DOJ has also taken steps to strengthen its crypto crime team by merging two existing teams to form a new unit dedicated to combating ransomware crimes.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Jonathan Levin, Jane Khodarkovsky, Bill Hughes
Companies	Chainalysis, counter-terrorism financing (CTF), Anti-Money Laundering (AML), Financial Services Committee (FSC), Consensys
Currencies	None
Securities	None