Coin Center, a nonprofit research and advocacy agency, demonstrates how Bitcoin works before the members of the Terrorism and Illicit Finance Subcommittee of the House Financial Services Committee on June 29, 2017.
Addressing concerns among government agencies
The growing population of Bitcoin miners and enthusiasts has alerted the government about the security repercussions which eventually led to series of discussions. The aforementioned committee held a hearing assessing the national security involving Blockchain technology transactions.
The US Congress is concerned about the rise of Bitcoin now that it has been linked to several illegal activities and money laundering with their major worry being its potential use for terrorist funding hence the introduction of Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 bill.
Fighting for Bitcoin cause
Coin Center executive director Jerry Brito testified before the committee to explain how Blockchain networks like Bitcoin actually work on hearing entitled “Virtual Currency: Financial Innovation and National Security Implications”.