US House Proposes Anti-Terrorism Bill to Combat Illicit Use of Cryptocurrencies

Crimes involving cryptocurrencies like terrorism financing and illicit transactions keep skyrocketing as fraudsters are not giving up on crypto.

In a bid to combat terrorism and illicit use of cryptocurrencies, the United States House of Representatives has proposed a crypto anti-terrorism bill.

The bill requires the country to establish a team of an independent financial technology task force that would reward providers of information of convicted cases f crypto terrorism and illicit use of cryptocurrencies.

The proposed bill reads;

 To establish an Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a Fintech Leadership in Innovation and Financial Intelligence Program to encourage the development of tools and programs to combat terrorism and illicit use of digital currencies, and for other purposes.

Following the proposed legislation, the goal is to develop effective tools and programs that can actively discourage crypto terrorists and illicit users. Thus, creating a Fintech Leadership in Innovation and Financial Intelligence Program.

The bill, while on preliminary assessments, was referred to the Committee on Financial Services and the Committee on the Budget for deliberations. 

The bill tends to gain support from the early evaluators of the US Congress as Rep. Budd is a popular supporter of crypto and blockchain in Congress.

The enforcement of the bill could go a long way in reducing cryptocurrency crimes and other nations that have legalized the use of cryptocurrencies may adopt the same measures.

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