Homeland Security Assessment of Terrorists Use of Virtual Currencies Act

Floor Speech

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

Mr. Speaker, I rise in support of my legislation, H.R. 2433, the Homeland Security Assessment of Terrorists Use of Virtual Currencies Act.

Yesterday marked 16 years since the September 11 attacks when 19 terrorists hijacked four passenger planes, two of which struck the World Trade Center towers in my home State of New York.

In the 16 years since the deadliest terrorist attack in American history, the United States has led the global campaign to combat terrorism, thwarting plots and preventing attacks on American soil, identifying and disrupting terrorist networks around the world, hunting down terrorists wherever they hide, and proving that they can and will be brought to justice. We know that the threat of terrorism is not the same as it was 16 years ago. It is a threat that constantly evolves, and we need to evolve ahead of it. That is why I introduced H.R. 2433.

In recent years, we have seen instances in which members of some terrorist groups have turned to virtual currencies to support themselves and fund their operations. Last year, the Foundation for Defense of Democracies investigated a terrorist funding campaign in which a terrorist group in the Gaza Strip received donations to the virtual currency bitcoin. Earlier this year, Indonesian authorities reported that a Syria-based Indonesian with ties to ISIL used virtual currency to fund attacks in Indonesia.

Virtual currencies offer high-speed and low-cost networks and access to users all over the world, which creates significant potential appeal to terrorists, particularly lone-wolf attackers because of the nominal cost often associated with carrying out that type of attack.

Research suggests that terrorists' use of virtual currencies have so far been limited to a handful of instances, two of which I have mentioned. But with groups like ISIL becoming more technologically sophisticated and virtual currencies becoming more widely accessible, the table is set for this threat to grow significantly in a very short time. That is why it is critical that we act now to assess and understand this emerging threat.

My bill requires DHS' Office of Intelligence and Analysis to develop and disseminate a threat assessment of the use of virtual currencies to support terrorist activities. Further, to ensure that this information is shared throughout the law enforcement community, my bill requires the assessment to be shared with State, local, and Tribal law enforcement, including those offices that operate within State, local, and regional fusion centers.

Enacting this bill will give counterterrorism and law enforcement officials at all levels the information they need to evolve ahead of this threat and help keep Americans safe. I urge my House colleagues to support my bill.

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

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Mr. Speaker, I am prepared to close.

Mr. Speaker, H.R. 2433 is an important piece of legislation that received overwhelming bipartisan support in the Committee on Homeland Security. Enactment of H.R. 2433 will ensure that the Department of Homeland Security closely monitors this evolving threat so that we are prepared to prevent terrorists from using virtual currencies to finance attacks on the U.S. and around the world. I encourage my colleagues to support my legislation, H.R. 2433.

Mr. Speaker, I yield back the balance of my time.

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