Congressman Calls for Crypto Regulation

Crime, News, Regulation | July 24, 2017 By:

Texas Congressman Roger Williams is calling for increased cryptocurrency regulation to fend off terrorist funding and criminal activity.

The remarks come as a backup to a July 8 hearing in the House of Representatives, titled “Virtual Currency: Financial Innovation and National Security Implications.”

Wiiliams began by recognizing the capability of cryptocurrencies. He said that this new financial platform is recreating the structures of international finance, and in part offers many exciting opportunities for our future.

Williams then discussed how cryptocurrencies and their use within the US territory shouldn’t help those who wish to do harm. Therefore, unless “rational and balanced” policies are developed to stop terrorists and criminals from using them, bad actors might be empowered by this new innovation.

The Texas Congressman said he is particularly concerned with the lack of Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements for cryptocurrency businesses. Williams doesn’t understand why cryptocurrencies are not compliant, but other financial institutions are demanded to follow regulatory guidelines.

“This lack of compliance provides a widely opened door for forces of evil to finance their terrible endeavors,” said Williams.

To sum up his argument, Williams encouraged Congress to study digital finance and hopes they will focus attention on the issue of AML/KYC compliance.