In a Jan. 15 hearing, the FSC Subcommittee on National Security, International Development and Monetary Policy has examined how U.S. financial institutions can combat domestic terrorism, extremism and acts of hate.
Particularly, the officials and executives have outlined crypto as an important fundraising tool for hate crimes, emphasizing that criminal funding is often distributed via popular social media platforms like Facebook and Telegram.
Facebook and Telegram help domestic extremists get funding through BitcoinJared Maples, Director of the New Jersey Office of Homeland Security and Preparedness, the first witness to address the matter in the hearing, stressed that the U.S. authorities should be closely looking to the use of crypto in funding acts of domestic extremism.
"We cannot discount the future role of cryptocurrencies in funding acts of domestic extremism, both within New Jersey and across the United States."
As the study also outlined the role of social media and crypto for these domestic extremists, Miller suggested that the U.S. government should be collecting and analyzing financial data more extensively.
The executive concluded that Congress should fund a significant study into how crypto is used in funding domestic hate crimes.
"New forms of financial products and services, including cryptocurrencies, should be addressed. Analysis should cover challenges as well as opportunities inherent in these new financial products and services for those endeavoring to stop the funding of hate and violence."
While the U.S. is trying to address all possible terrorist financing loopholes against the backdrop of disturbing rise of domestic terrorism and hate crimes, some experts claim that crypto is "Poor form of money" for terrorists.
Back in 2018, U.S. Congress concluded that terrorist groups that attempted to raise funds via crypto have not had great success.
U.S. nonprofit think tank RAND Corporation said that crypto is not well-suited for the needs of terrorist groups.
US Congress Looks at Role of Crypto and Internet in Funding Hate Crimes
Published on Jan 15, 2020
by Cointele | Published on Coinage
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