Texas Congressman: Cryptocurrenices Must Not Enable Terrorists

A Texas Congressman is seeking to make public his views on cryptocurrency regulation following a hearing in Washington.

Jul 19, 2017 at 5:06 p.m. UTC
Updated Sep 11, 2021 at 1:33 p.m. UTC

A Texas Congressman is calling for anti-money laundering (AML) and know-your-customer (KYC) regulations to be applied to cryptocurrency startups.

According to a congressional record released online today, Roger Williams, a congressman from the 25th district of Texas, issued the comments as an addendum to a July 8th hearing in the House of Representatives.

Entitled "Virtual Currency: Financial Innovation and National Security Implications," the hearing was held by Subcommittee on Terrorism and Illicit Finance of the House Financial Services Committee.

Williams began his addition to the public remarks by acknowledging cryptocurrencies are "recreating the structures of international finance" and that they "offer many exciting opportunities," but said protections need to be enforced.

He went on to stress that the government must ensure that the rising use of digital currency does not "aid the actions of terrorists and criminals."

Williams said:

"Unless we in Congress develop rational and balanced policies, we may be enabling the very terrorists who wish to destroy us."

The congressman argued that the compliance requirements applied to other financial institutions should be applied to digital currencies.

To sum up his argument, he said, "Some in the digital currency world argue that digital finance requires a relaxation of these standards. This is absolutely incorrect."

Texas image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
CoinDesk Smart Contract Platform Select Index (SCPX)

CoinDesk - Unknown
2
CoinDesk - Unknown
CoinDesk Cardano Price Index (ADX)

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: KuCoin Plans to Bolster DeFi Activity on Its Blockchain After $150M Raise; Cryptos Gain

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

CoinDesk - Unknown
4
CoinDesk - Unknown
CFTC Charges 2 Men With Running a $44M Crypto Ponzi Scheme

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

CoinDesk - Unknown