Matthew Young Pollard Intelligence Authorization Act for Fiscal Years 2018 and 2019

Floor Speech

BREAK IN TRANSCRIPT

Mr. VARGAS. Mr. Chairman, I rise today to urge my colleagues to support my amendment to H.R. 6237.

By adding the use of virtual currencies to section 1505, we will ensure it is included in the assessment of threat financing related to Russia.

This assessment includes officials of the government of Russia, persons subject to sanctions with respect to Russia, Russian nationals subject to sanction, and Russian oligarchs or organized criminals.

Mr. Chairman, as you may know, a virtual currency is a digital representation of value that can be digitally traded.

Since the creation of Bitcoin, the first and most widely known example of a cryptocurrency, thousands of cryptocurrencies have emerged that are designed to serve a variety of purposes.

Just as virtual currencies have grown in use in legitimate commerce, they have become an increasingly popular financial payment method for criminals and other transnational bad actors.

Virtual currencies have been and continue to be exploited to pay for goods and services associated with illicit activities and as an effective tool to launder money or avoid sanctions.

If we are to craft effective solutions to combat Russia's threat finance, we need to fully understand how virtual currencies may be used to finance activities against the United States and our allies, especially NATO. By including the use of virtual currencies in the report, we will ensure a robust analysis that will help us to impede Russian financing of cyber operations.

Mr. Chairman, I yield 2 minutes to the gentlewoman from Florida (Mrs. Murphy).

BREAK IN TRANSCRIPT

Mr. VARGAS. Mr. Chairman, I would simply then urge my colleagues to support the amendment, and I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source