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U.S. House Passes Bill to Combat Cryptocurrency-Related Terrorism and Money Laundering
House Passes Bill to Establish Working Group to Combat Cryptocurrency Misuse
Recently, the U.S. House of Representatives passed a bill to set up a working group that will look into how cryptocurrency is used in terrorism and money laundering. Sponsored by Rep. Zach Nunn (R-Iowa) the bill got support from both parties in the House but may not move forward without a similar bill in the Senate. The proposed working group which would be part of the Treasury Department would include experts from the blockchain industry to suggest ways to prevent digital assets from being misused. Nunn stressed that this bill is crucial for national security and protecting digital assets, according to the report of Coin Desk.
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(photo: RunSensible)
Industry Pushes for Support Ahead of 2024 Election
Despite this bill, there is still a lot of uncertainty about how cryptocurrency will be regulated. The Senate has not been as active on crypto issues as the House has been, where bills like the Financial Innovation and Technology for the 21st Century Act (FIT21) are being discussed. Analyst Jaret Seiberg from TD Cowen believes the bill is more of a political move helping both critics and supporters of crypto address concerns about money laundering and crime. The tight split in Congress makes it unlikely that a full regulatory plan for cryptocurrency will be agreed upon soon.
At the same time, the cryptocurrency industry is seeking more political support as the 2024 presidential election approaches. On Monday, industry leaders reached out to Vice President Kamala Harris asking her to support cryptocurrency in her potential presidential campaign. The Digital Chamber sent a letter to Harris urging her to add positive cryptocurrency policies to the Democratic Party’s platform and choose a running mate who is experienced with digital assets. This shows that cryptocurrency is becoming a major topic in the upcoming election.
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