On February 15, Caroline HIll, Circle’s Senior Director of Global Policy and Regulatory Strategy, testified before the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion on ways to combat illicit finance activity in the blockchain space.
Policymakers from across the political spectrum have increasingly focused on illicit finance and the intersection with unregulated virtual asset service providers to push for strengthening anti-money laundering and countering the financing of terrorism (AML/CFT) rules applying to crypto. Caroline’s expert testimony not only distinguishes Circle’s voice as a compliance leader but also reinforces the importance of a regulatory regime for dollar-backed payment stablecoins.
Coming at a pivotal time for the policy debate around illicit finance, and as stablecoin legislation negotiations continue to progress, key themes from Caroline’s testimony included:
Caroline’s expert testimony drew from her deep professional experience at the U.S. Treasury Department – first as an OFAC sanctions investigator and then in international policy roles – where she saw firsthand the role and importance that compliant financial institutions, like Circle, play in detecting and disrupting illicit finance.
A recording of the hearing and access to written testimony can be found here.