After defending Trump Jr.’s meeting, Rohrabacher says bitcoin world needs to adopt know-your-customer procedures – MarketWatch

Rep. Dana Rohrabacher

It was one hell of a segue.

Rep. Dana Rohrabacher took to the House of Representatives floor on Friday to defend the Trump administration from charges of collusion with Russia. We know now people are trying to frighten us and others not to meet with people, and not to talk to people, and I wonder why, the California Republican said.

I dont care if it was Donald Trumps relatives or his son or whoever it was, anybody in the campaign whatsoever wants to talk anybody in the world to get information, I think thats a good thing.

But he abruptly changed into a discussion on bitcoin BTCUSD, -3.63% .

Also read: Bitcoin fan who held up sign during Yellens testimony receives $10,000 for his effort

Rohrabacher says he fears terrorists will use the digital currency for nefarious purposes.

[Blockchain technology] empowers the good people of the world, but it could be used by those who have goals that are evil, Rohrabacher said, because of its anonymity.

Banning digital currencies will not prevent terrorists from using them any more than banning guns will prevent criminals from using them, he said. Instead, Rohrabacher, the chairman of the House Foreign Affairs subcommittee on Europe, Eurasia and emerging threats and vice chairman of the House Science, Space and Technology Committee, wants digital currencies to implement full money laundering and know-your-customer standards.

Rohrabacher said the action could be taken on a bipartisan basis. Former U.S. Attorney General Eric Holder has made similar comments in the past.

Earlier this year, Japan required bitcoin exchanges to toughen know-your-customer policies.

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After defending Trump Jr.'s meeting, Rohrabacher says bitcoin world needs to adopt know-your-customer procedures - MarketWatch