Timmons Launches Roundtable on Digital Currency from Repressive Foreign Regimes

WASHINGTON-Subcommittee on Military and Foreign Affairs Chairman William Timmons (R-S.C.) kicked off today's roundtable titled "Roundtable: Two Sides of a Digital Coin: Protecting U.S. Security by Challenging the Power of Repressive Foreign Regimes." In his remarks, Subcommittee Chairman Timmons highlighted that decentralized digital assets can empower people living under authoritarian regimes and can provide pathways to receiving suppressed information. He also emphasized the importance of democratic nations setting the norms of digital finance, rather than oppressive regimes like the Chinese Communist Party, to prevent government surveillance-based financial systems.

Below are Subcommittee Chairman Timmons's opening remarks as prepared for delivery:

Good afternoon and thank you all for joining us today for this roundtable on how cryptocurrencies are being used by people living under repressive regimes around the world.

Today's roundtable is a little different from the typical congressional hearing. This will be more of an informal conversation.

We will not keep time, and I will not be recognizing Members in any formal order, as we would during a standard hearing.

Instead, we will hear from our participants as they introduce themselves and offer some brief opening remarks.

During their remarks, Members may engage and ask questions, much like during a briefing - but in a free-form style.

While I don't expect it to be an issue, I will do my best to ensure all Members have the opportunity to ask whatever questions they may have.

Of course, Members may follow up separately with any of today's participants if there are additional questions not addressed during the discussion.

I am now pleased to introduce this afternoon's roundtable participants:

Mr. Dustin Palmer is the Bank Secrecy Act Officer at Anchorage Digital Bank, the first federally chartered crypto bank in the U.S. and one of the leading U.S. institutions providing secure digital asset custody and infrastructure for regulated markets.

Mr. Palmer's experiences allow him to speak knowledgably about how democratic governments can support safe, transparent and digital financial systems.

Mr. Jorge Jraissati is the President of the Economic Inclusion Group, where he leads global research on how individuals living in authoritarian countries use digital tools to access financial freedom.

Mr. Jraissati's work has examined the conditions under which people turn to cryptocurrency when their governments restrict banking access or weaponize currency controls.

Mr. Cody Carbone serves as the Chief Executive Officer of The Digital Chamber, one of the most active voices in shaping the policy and landscape for blockchain innovation and responsible digital-asset regulation.

Mr. Carbone's expertise will allow us to understand how U.S. policy choices affect both global democracy and American national security.

And Mr. Dylan Hedtler-Gaudette who serves as the Acting Vice President of Policy & Government Affairs for the Project on Government Oversight where he works on a wide range of issues from congressional capacity and federal spending issues.

Gentlemen, thank you for being here with us today.

As we consider today's topic, I want to underscore the importance of understanding how decentralized digital assets empower those who live under authoritarian regimes that suppress basic freedoms.

I have often said that Bitcoin and decentralized technologies represent a profound challenge to authoritarian control.

As I have noted, when a regime can no longer control its citizens' access to information or money, what do you have left?

That is why I have described cryptocurrency as potentially the beginning of the end of all authoritarian governments.

For millions of people living under repressive rule, the ability to store value, send money, or receive support from abroad without government interference can be lifesaving.

It can also be an essential tool for dissidents, journalists, and activists who risk everything to get the truth out.

In addition to the human rights implications, it is also critical that the United States maintain leadership in the development and regulation of digital assets.

If we do not lead, others will.

The Chinese Communist Party has made clear that it intends to shape global standards around state-controlled digital currency, surveillance-based financial systems, and cross-border payment architectures that advance Beijing's geopolitical aims.

Ensuring that democratic nations - not repressive regimes - set the norms for digital finance is essential to both our national security and the protection of individual liberty around the world.

Again, I look forward to hearing from our panelists here today about:

• How these technologies are being used on the ground;

• Where U.S. policy is helping or hindering that progress; and

• What Congress can do to strengthen both global freedom and American security.

Before I ask the participants to briefly introduce themselves, I want to turn to Representative Subramanyam, our Ranking Member, for any remarks he may wish to make.