House to Probe Whether Crypto Can Counter China, Russia

House lawmakers will hold a June 25 roundtable in Washington to assess whether digital assets can help people living under repressive regimes and to examine how China and Russia use financial systems for surveillance and control. The House Oversight and Government Reform Subcommittee on Military and Foreign Affairs is leading the session.

Chairman William Timmons (R-SC) convened the meeting, titled “Two Sides of a Digital Coin: Protecting U.S. Security by Challenging the Power of Repressive Foreign Regimes.” The event is open to the public and will be livestreamed.

The session will look at how decentralized digital tools are used in economically unstable or authoritarian environments to preserve access to funds, services and economic autonomy. Lawmakers plan to review cases where state-controlled payment systems are used for monitoring or restriction and where those systems break down during economic crises.

Scheduled speakers include Dustin Palmer, Bank Secrecy Act officer at Anchorage Digital Bank; Jorge Jraissati, president of the Economic Inclusion Group; and Cody Carbone, chief executive officer of The Digital Chamber.

Officials and experts will discuss how U.S. policy could support digital finance innovation while addressing risks tied to surveillance, sanctions evasion and illicit finance. The panel will also consider whether greater U.S. engagement in digital finance affects economic competitiveness and foreign policy by offering alternatives to systems dominated by China and Russia.

The agenda highlights two areas of inquiry: whether digital assets can provide a lifeline when official systems restrict access or collapse, and how to limit security risks those assets may pose to U.S. interests. Witnesses are expected to address technical and regulatory measures that affect privacy, compliance and traceability.

The roundtable follows related congressional work on cryptocurrency policy. House tax committees have reviewed eight proposals to clarify tax rules for crypto payments, mining, staking, donations and reporting requirements.

Timmons framed the hearing: “Authoritarian regimes such as China and Russia are using financial systems and digital currencies as tools of surveillance and control.” Lawmakers plan to use the public forum to gather testimony and case studies to inform possible legislative or oversight actions.