Homeland Security Assessment of Terrorists Use of Virtual Currencies Act

Floor Speech

BREAK IN TRANSCRIPT

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, the Homeland Security Assessment of Terrorists Use of Virtual Currencies Act introduced by the gentlewoman from New York (Miss Rice) is an important measure targeting new ways terrorists may be raising or transferring funds through the use of virtual currencies.

The bill directs the DHS Under Secretary for Intelligence and Analysis, in coordination with Federal partners, to develop and disseminate a threat assessment regarding the actual and potential threat posed by individuals using virtual currency to carry out activities in furtherance of an act of terrorism, including the provision of material support or resources to a foreign terrorist organization. It also directs the Under Secretary to share this threat assessment with State, local, and Tribal law enforcement officials through the National Network of Fusion Centers.

As the threat of terrorism evolves, so do the methods to finance and support the actors who plot to attack the United States. The Federal Government must evolve as well to meet these novel and technologically- based challenges. This bill positions the Department to detect the new digital-based methods in terrorist financing and support methods that have already been utilized and to prepare for those that are soon to follow.

This measure was considered by the Subcommittee on Counterterrorism and Intelligence and included in the Committee on Homeland Security's DHS authorization bill, which passed this very House in July.

I want to take time to thank the gentlewoman for her work and for her diligence on this issue, and I urge my colleagues to support her bill.

Mr. Speaker, I reserve the balance of my time.

BREAK IN TRANSCRIPT

Source