Banking Committee Chair: Crypto Can ‘Endanger Security’

U.S. lawmakers on Thursday again discussed illicit finance with regard to cryptocurrencies – in light of recent warnings that the Russian government may increasingly rely on digital currencies to stabilize its sanctioned economy. In a hearing of the Senate Banking, Housing, and Urban Affairs Committee entitled “Understanding the Role of Digital Assets in Illicit Finance,” several cryptocurrency experts, including one individual on the front lines of the Russia-Ukraine conflict, briefed the committee on what they called an immense upside of crypto adoption. The experts also discussed some of crypto’s more macro risks – including sanctioned entities obfuscating funds and ransomware gangs extorting global organizations for Bitcoin.