george cohen, treasury undersecretary for terrorism and financial intelligence. >> virtual currenciese illicit finance risks. most significant is the risk that virtual currencies pose because of anonymity. illicit actors have always sought to exploit anonymity to hide their financial trails, making it more difficult for institutions to detect suspicious activity, identify those involved, and collect transaction records. the basic tools used to weed out bad actors. for terrorist financiers, virtual currencies are appealing. the funds could be swiftly sent across borders in a secure, cheap, and secretive manner, it would suit their needs. sanctions only work if we can detect efforts to evade them and respond accordingly. if a sanctioned entity could use virtual currencies to transact anonymously, our sanctions would have a weaker bite. >> how does the government want to regulate them? is it possible? here's undersecretary cohen with matt miller. >> the existing legislative framework is sufficient for us to address any of the financial products, financial industries out there. including