Alternative Payment Systems Pose National Security Threat, U.S. Committee Hears

Alternative Payment Systems Pose National Security Threat, U.S. Committee Hears

The U.S. House Financial Services Committee Subcommittee on National Security, International Development, and Monetary Policy recently convened to discuss the risks posed by alternative payment systems. Experts emphasized that non-crypto payment systems, not just cryptocurrencies, represent a serious threat to national security.

Crypto's Role in Enhancing National Security

Speakers highlighted that cryptocurrencies can actually strengthen U.S. security when properly regulated. They argued that the alternative payments ecosystem should be viewed holistically, as focusing solely on crypto may overlook broader risks.

Expert Testimony Warns Against Narrow Focus

Wilson Center fellow Scott Dueweke testified that concentrating only on cryptocurrencies risks missing larger systemic threats. He stressed the importance of adopting a comprehensive approach to monitor and regulate the entire payments landscape.

This hearing underscores the growing importance of understanding the interplay between payment systems, national security, and financial regulation in the digital age.