Yahoo Finance published this video item, entitled “Senate meets in bid to ‘crack down’ on crypto-backed terrorism” – below is their description.
The Senate Banking Committee met Thursday to hold a hearing on crypto and how it is being used to fund terrorism in light of reports of crypto-funded terrorism. In his opening statement, Banking Committees Chairman Sherrod Brown (D-OH) highlighted the need to “crack down on the use of crypto to fund terrorism and evade sanctions.”
Senator Cynthia Lummis (R-WY) joins Yahoo Finance anchor Rachelle Akuffo to discuss the hearing as well as her bill, co-sponsored with Senator Kirsten Gillibrand (D-NY), called The Responsible Financial Innovation Act, which she says will provide additional resources to the Financial Crimes Enforcement Network (FinCEN) and fund studies regarding the use of crypto mixers and tumblers, among other provisions.
Lummis explains the necessity for her bill: “We need to make sure that the Justice Department, when we have known violations, Binance, Tether, and other uses where they have… it’s been told to them that their customers are using their platforms for illicit finance, and then they’ll take them down for a short period of time, and then those sites go back up. These are the kind of things that need to be policed in the United States by U.S. regulators.”
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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