Scott Dueweke, director of threat analysis company DarkTower, was among other personnel that showed up before the Senate Subcommittee on Crime and Terrorism to talk about the potential usage of cryptocurrencies by remote specialists keeping in mind the end goal to impact American races. He contended that legislators must focus on personality answers to undue foreign influence on upcoming elections.
“There is a global shell game being played now,” by individuals planning to sidestep monetary divulgence rules, he said. Subsequently, they are buying political promotions and giving to specific gatherings in endeavors to impact decisions.
“They exchange one form of money for another … fiat currency in and fiat currency out, but in between, you’re going to have these multiple layers of cryptocurrency that are going to be impossible to track,” Stated Dueweke.
Another witness, Financial Integrity Network VP David Murray, noticed that cryptocurrencies can be utilized by remote elements to maintain a strategic distance from the location when giving to political meetings or government officials.
He differentiated the utilization of cryptocurrencies with gifts made through budgetary foundations.
“When donors use financial intermediaries such as banks to execute donations, the location of the financial intermediary is a data point that campaigns can use to identify foreign donors,” he explained.
Congressperson Sheldon Whitehouse, the ranking Democrat on the subcommittee who led the inquiries during the hearing, said that “cryptocurrency can be used for money laundering in elections,” and therefore pose a “host of challenges for Congress and regulators.”
He considered using legislation to uphold more stringent personality necessities on people giving to a political crusade – a push that Dueweke contended is urgent.
“Combining better forensics to understand the source of funds, tied to stronger identity attribution for those placing political ads is critical,” Dueweke said. “We have to be able to identify the people that are fanning these flames.”