US Congressman: Cryptocurrencies Need Tighter Rules

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A Republican member of the US House of Representatives has known as for tighter anti-money laundering controls for digital currencies.

Congressman Dana Rohrabacher was talking throughout a flooring debate on the 2018 National Defense Authorization Act, a funding measure for the US army that was in the end handed earlier as we speak.

After pertaining to the ever-growing controversy of Russian involvement within the 2016 presidential election, Rohrabacher shifted gears to debate cryptocurrencies, arguing that “people with bitcoins living in despotic regimes throughout the world have the opportunity to protect their assets from abusive and corrupt governments”, in response to a transcript of that debate.

Ideological assist apart, Rohrabacher pushed for extra oversight into the identities of those that transact utilizing digital currencies, stating:

“I believe we should encourage digital currencies to implement full anti-money laundry and know-your-customer standards. These protection should empower both our law enforcement and national security professionals to keep terrorists’ financing under control, to protect our freedom of using digital currencies…and keep America in the lead of this technological advance.”

Yet previous to these remarks, Rohrabacher dismissed the thought of outlawing digital currencies altogether, positing that “banning digital currencies will not prevent terrorists from using them any more than banning guns will prevent criminals from using them”.

The situation of digital currency regulation has gathered steam in Congress previously yr, as seen by the emergence of initiatives just like the Congressional Blockchain Caucus and the submitting of payments which name for deeper examine into the topic.

As reported previously, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017, launched in May, consists of provisions that seeks to convey digital currency exchanges and transaction companies below federal statutes.

Image display seize by way of C-SPAN.org

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