U.S. House of Representatives to hold hearing on virtual currencies this week

This Thursday, the U.S. House Financial Services Committee will hold a hearing on virtual currencies.

According to the published memorandum, the hearing was hosted by the Subcommittee on Counterterrorism and Illicit Finance, and the meeting was named "Virtual Currency: Financial Innovation and National Security Implications."

Among them, Jerry Brito, executive director of the nonprofit digital currency advocacy organization Coin Center, Scott Dueweke, president of the Identity and Payments Association, Kathryn Haun, assistant U.S. federal prosecutor and digital currency coordinator of the Department of Justice, Jonathan Levin, co-founder of blockchain startup Chainalysis, and Luke Wilson, vice president of business development at blockchain startup Elliptic, were scheduled as witnesses for this hearing.

According to the memo, the committee will focus on "terrorist and illicit uses of financial technology (FinTech); the impact of virtual currencies such as Bitcoin on national security; and the use of blockchain technology to record transactions and uncover illicit activity."

The memo also states: “Witnesses will provide evidence regarding the use of virtual currencies by terrorists and transnational criminal groups, as well as relevant risk assessments and policy considerations to mitigate illicit financing while not hindering the development of FinTech innovation.”

The hearing comes as U.S. lawmakers turn their attention to digital currencies, but have focused primarily on terrorism financing.

A House subcommittee is considering a bill to study the sector, and last week two influential senators introduced a bill calling for more regulation of digital currency business activities in the United States.