Texas Congressman Wants Regs

A Texas Congressman wants anti-money laundering (AML) and know-your-customer (KYC) regs to be part of new cryptocurrency efforts.

Texas congressman Roger Williams offered his ideas on July 8 in a hearing entitled “Virtual Currency: Financial Innovation and National Security Implications.” from the Subcommittee on Terrorism and Illicit Finance of the House Financial Services Committee.

Williams reportedly said, “recreating the structures of international finance … offer many exciting opportunities.” But added that additional rules are necessary.

Williams was quoted as saying: “Unless we in Congress develop rational and balanced policies, we may be enabling the very terrorists who wish to destroy us.”

But once again we wonder how much the regs really help. Criminals may well perform activities outside of regs. And the regs will therefore do more to slow down blockchain than to catch bad guys.

Regs ought to be very carefully applied. There’s little evidence that terrorists are using blockchain and cryptocurrencies anyway.

blockcitynews.com