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US house representative passes new bill targeting crypto-related illicit finance
The post US house representative passes new bill targeting crypto-related illicit finance appeared on BitcoinEthereumNews.com. The US House of Representatives has approved a new cryptocurrency bill aimed at curbing its use for illegal finance. Introduced by Representative Zach Nunn (R-Iowa) on Monday, July 22, the legislation seeks to establish a governmental working group to assess the use of cryptocurrency in terrorism and money laundering activities. This bipartisan effort is designed to enhance public-private collaboration in addressing illicit finance within the digital asset space. As cryptocurrencies increasingly become a prevalent method of payment, Rep. Nunn emphasized the necessity to provide Americans with secure access while safeguarding them from security risks and illicit financial activities. “This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans,” said Rep. Nunn. He also outlined the importance of addressing these challenges collectively to “ensure the long-term integrity of digital assets.” The bill also reflects broader, sector-friendly initiatives previously seen in the House, such as the Financial Innovation and Technology for the 21st Century Act (FIT21). However, the Senate has yet to show similar levels of enthusiasm towards crypto-related legislation. In a speech on the House floor, Nunn described the legislation as “crucial in strengthening America’s national security” and vital for “protecting [the nation’s] digital assets and ensuring the next generation of financial and internet technology is built right here in America.” The proposed working group, which would operate under the Treasury Department, aims to include experts from various sectors, including blockchain intelligence, research institutions, and fintech companies. Their goal would be to explore crypto transactions and strategies to deter exploitation by malicious actors. According to Jaret Seiberg, an analyst at TD Cowen, the bill serves as a response to crypto critics who have called for tougher measures on money laundering. He suggests that…
The post US house representative passes new bill targeting crypto-related illicit finance appeared on BitcoinEthereumNews.com.
The US House of Representatives has approved a new cryptocurrency bill aimed at curbing its use for illegal finance. Introduced by Representative Zach Nunn (R-Iowa) on Monday, July 22, the legislation seeks to establish a governmental working group to assess the use of cryptocurrency in terrorism and money laundering activities. This bipartisan effort is designed to enhance public-private collaboration in addressing illicit finance within the digital asset space. As cryptocurrencies increasingly become a prevalent method of payment, Rep. Nunn emphasized the necessity to provide Americans with secure access while safeguarding them from security risks and illicit financial activities. “This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans,” said Rep. Nunn. He also outlined the importance of addressing these challenges collectively to “ensure the long-term integrity of digital assets.” The bill also reflects broader, sector-friendly initiatives previously seen in the House, such as the Financial Innovation and Technology for the 21st Century Act (FIT21). However, the Senate has yet to show similar levels of enthusiasm towards crypto-related legislation. In a speech on the House floor, Nunn described the legislation as “crucial in strengthening America’s national security” and vital for “protecting [the nation’s] digital assets and ensuring the next generation of financial and internet technology is built right here in America.” The proposed working group, which would operate under the Treasury Department, aims to include experts from various sectors, including blockchain intelligence, research institutions, and fintech companies. Their goal would be to explore crypto transactions and strategies to deter exploitation by malicious actors. According to Jaret Seiberg, an analyst at TD Cowen, the bill serves as a response to crypto critics who have called for tougher measures on money laundering. He suggests that…
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