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Chainalysis and other witnesses tell Senate crypto is traceable but enforcement gaps persist
Summary
Witnesses including Chainalysis told the Senate Banking Committee that blockchains create traceability that can aid law‑enforcement, but they warned that jurisdictional limits, anonymization tools and uneven state/local capacity hinder prevention and recovery of illicit proceeds.
Witnesses at the Senate Committee on Banking, Housing, and Urban Affairs hearing said blockchain's public ledger provides new tools for tracing illicit activity, but also identified practical enforcement gaps that limit government responses.
Jonathan Levin, CEO of Chainalysis, told the committee his firm has “helped the US government seize over $12,400,000,000 of criminal proceeds.” Levin said the public ledger and private‑sector analytics make it easier in many cases to trace flows than cash, but he cautioned that anonymization tools and movement of funds to foreign jurisdictions create barriers to recovery.
Why it matters: Lawmakers repeatedly raised concerns about…
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