ABSTRACT

Virtual Currency: Financial Innovation and National Security Implications, Hearing Before the Subcommittee on Terrorism and Illicit Finance of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, June 8, 2017   [open pdf - 4MB]

This testimony compilation is from the June 8, 2017 hearing, "Virtual Currency: Financial Innovation and National Security Implications," before the U.S. House of Representatives Committee on Financial Services. From the witness testimony of Luke Wilson: "Today's hearing on 'Virtual Currency: Financial Innovation and National Security Implications' is a very good first step forward towards understanding this quickly-evolving technology. My previous employment with the FBI allowed me to investigate several crimes that involved Bitcoin. My experience is that Bitcoin is not, or should not be, alarming to investigators or private companies. Bitcoin is thought to be anonymous by some criminals, in reality it's far from anonymous, and companies like Elliptic have assisted law enforcement and private industry to identify who is behind illicit Bitcoin transactions. Elliptic's software and expertise has assisted in terrorism, ransomware, cyber extortion, and illegal arms trafficking cases, to name a few. In all of these cases we have provided intelligence and leads that help investigators to trace Bitcoin transactions and identify who is transacting. This is all made possible by the record of transactions kept on the blockchain. All Bitcoin transactions are stored on the blockchain, including those performed by criminals. The importance of the blockchain record cannot and should not be undervalued, as it provides a public, permanent and incorruptible record of transactions, the like of which is not available with any other payment method." Statements, letters, and materials submitted for the record include those of the following: Jerry Brito, Scott Dueweke, Kathryn Haun, Jonathan Levin, and Luke Wilson.

Publisher:
Date:
2017
Copyright:
Public Domain
Retrieved From:
United States House of Representatives Committee on Financial Services: https://financialservices.house.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations