Homeland Security Assessment of Terrorists Use of Virtual Currencies Act

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.

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.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2433) to direct the Under Secretary of Homeland Security for Intelligence and Analysis to develop and disseminate a threat assessment regarding terrorist use of virtual currency.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks and include any extraneous material on the bill under consideration.

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

Mr. Speaker, the Homeland Security Assessment of Terrorists Use of Virtual Currencies Act introduced by the gentlewoman from New York (Miss Rice) is an important measure targeting new ways terrorists may be raising or transferring funds through the use of virtual currencies.

The bill directs the DHS Under Secretary for Intelligence and Analysis, in coordination with Federal partners, to develop and disseminate a threat assessment regarding the actual and potential threat posed by individuals using virtual currency to carry out activities in furtherance of an act of terrorism, including the provision of material support or resources to a foreign terrorist organization. It also directs the Under Secretary to share this threat assessment with State, local, and Tribal law enforcement officials through the National Network of Fusion Centers.

As the threat of terrorism evolves, so do the methods to finance and support the actors who plot to attack the United States. The Federal Government must evolve as well to meet these novel and technologically- based challenges. This bill positions the Department to detect the new digital-based methods in terrorist financing and support methods that have already been utilized and to prepare for those that are soon to follow.

This measure was considered by the Subcommittee on Counterterrorism and Intelligence and included in the Committee on Homeland Security's DHS authorization bill, which passed this very House in July.

I want to take time to thank the gentlewoman for her work and for her diligence on this issue, and I urge my colleagues to support her bill.

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

Mr. Speaker, my friend from New York has done an excellent job in outlining, explaining, and articulating her legislation; therefore, I have no other speakers. If the gentlewoman from New York (Miss Rice), has no other speakers, I reserve the balance of my time to close.

Mr. Speaker, I once again urge my colleagues to support a good, well thought-out, meaningful, and useful bill, H.R. 2433.

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