The United States House of Representatives Financial Services Committee (FSC) has scheduled a Nov. 15 hearing for a deep dive into illicit activities in the cryptocurrency ecosystem.
The “Crypto crime in context: breaking down the illicit activity in digital assets,” hearing will feature prominent crypto entrepreneurs as attendees.
According to the committee’s calendar, Bill Hughes, senior counsel and director of global regulatory matters at Consensys, and Jonathan Levin, co-founder and chief strategy officer at Chainalysis, will participate in the hearing as witnesses. Former federal officer and human trafficking finance specialist Jane Khodarkovsky will also join the duo as a witness. The committee memorandum on the hearing clarifies the FSC’s motive:
“To ensure that the digital asset ecosystem is not exploited by bad actors, it is critical that Congress understand the degree to which illicit activity exists, what tools are available to combat this activity and explore any potential gaps to prevent and detect illicit activity.”
Discussions around illicit activity, such as money laundering and terror financing, will take center stage at the hearing. FSC cited a Chainalysis report from January 2023, which stated that illicit cryptocurrency volumes reached all-time highs amid a surge in sanctions designations and hacking.
The hearing will also examine the depth of Anti-Money Laundering and Counter-Terrorist Financing measures enforced by crypto exchanges and decentralized finance providers.
In addition, the role of governing entities, including the Financial Crimes Enforcement Network, the Office of Foreign Assets Control and the Department of Justice (DOJ), will also be discussed at the hearing.
In July, Representative Patrick McHenry, the chairman of the FSC, announced the markup of legislation to bring regulatory clarity for the issuance of stablecoins designed to be used for payment.
#NEW: Chairman @PatrickMcHenry announces a markup of legislation to provide clarity for the digital asset ecosystem and address national security concerns.
— Financial Services GOP (@FinancialCmte) July 22, 2023
Meanwhile, the DOJ has decided to double the headcount of its crypto crime team. In the process, the DOJ merged its two teams — the Computer Crime and Intellectual Property Section and the National Cryptocurrency Enforcement Team — to form the new “super-charged” unit tasked to combat ransomware crimes.
Ms Sultana also said she was “resigning” from the Labour Party after 14 years.
She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.
Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.
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However, Ms Sultana was still a member of the Labour Party – until now.
Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.
The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.
Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.
In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.
Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.
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Protesters block Israeli arms manufacturer in Bristol
On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.
She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.
Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.
She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.
Image: Ms Sultana called Nigel Farage a ‘billionaire-backed grifter’. Pic: PA
The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.
“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.
“We are not going to take this anymore.”
A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.
“Only Labour can deliver the change needed to renew Britain.”