Congressman French Hill Addresses Cryptocurrency’s Vulnerability: Report

• Congressman French Hill addresses the vulnerability of crypto and the necessity of regulation.
• Reflecting on the alleged use of crypto by terrorist groups, Hill analyzed whether there are gaps in law enforcement authorities.
• Hill pointed out that “crypto is not the enemy.”

In a recent Digital Assets, Financial Technology, and Inclusion Subcommittee hearing, Chairman French Hill addressed cryptocurrency’s vulnerability and the security measures required against its illicit use. The Congressman, however, added that illicit actors still prefer using fiat currencies rather than digital assets.

In the Financial Services Committee hearing, the committee discussed the necessity of security measures and comprehensive regulations that could tackle the increasing threats. Hill stated,

This committee seeks to understand the tools that law enforcement have to go after bad actors using crypto, as well as to learn what, if any, gaps exist in law enforcement authorities.

In an X post, Hill asserted that the illicit actors or terrorists would accomplish their acts by any means. They do not solely depend on cryptocurrencies. He added, “Crypto is not the enemy.”

Reflecting on the alleged use of cryptocurrencies in the Israeli attack, Hill raised concerns over the crypto sector’s prevailing security issues. Reportedly, Hamas has raised funds in cryptocurrencies, and according to estimations, the group has amassed more than $130 million in crypto since 2021.

Further, Hill asserted that the public blockchain’s transparency helps law enforcement track its activities and access critical information about “bad actors.” However, Hill stated, “The brutalist nature of blockchain technology necessitates international cooperation.”

In January, Hill introduced two bills drafted by U.S. lawmakers in the House of Representatives that addressed crypto regulations. He affirmed that the bills would “come to fruition” in 2024.