Next Thursday, a subcommittee of the U.S. House Financial Services Committee (HFSC) will hold a hearing titled “Moving the Money, Understanding the Iranian Regime's Access to Money Around the World and How It Uses It to Support Terrorism.”
The role of cryptocurrencies in this context is expected to be an important topic of discussion at the session. The session will begin on Thursday, October 26 at 16:00 ET (09:00 ET).
According to the report titled “Correcting the Record, Incorrect Methodologies for Estimating the Role of Cryptocurrencies in the Financing of Terrorism,” prepared by Chainalysis, the financing of terrorism represents a very small portion of the already minimal number of illicit crypto asset transactions.
The report notes that some terrorist organizations use crypto assets to collect, store and transfer funds. However, it is also emphasized that these groups have historically relied on traditional, fiat-based methods such as financial institutions, wire transfers and shell companies as their primary means of financing.
*This is not investment advice.