U.S. House Passes Crypto Illicit Finance Bill, Faces Senate Challenges

The U.S. House of Representatives approves a bill to set up a government working group to combat the misuse of digital assets, but it faces hurdles in the Senate.

Points

• The House passed a bill to establish a working group to address crypto misuse.
• The bill focuses on preventing digital asset use in terrorism and money laundering.
• It includes industry experts from “blockchain intelligence companies.”
• The bill faces challenges in the Senate despite bipartisan support in the House.

The U.S. House of Representatives has approved a bill to create a government working group aimed at addressing the misuse of digital assets in activities such as terrorism and money laundering. The bill, sponsored by Rep. Zach Nunn （R-Iowa）, passed with a routine voice vote and aims to bring together industry experts and government officials to formulate strategies to combat illicit activities involving cryptocurrencies.

Cointelegraph

Despite the bill’s approval in the House, it faces significant challenges in the Senate, where the narrow divide between parties may hinder its progress. The bill, part of broader crypto-related legislation, aims to bolster national security and protect digital assets by creating a framework to tackle the use of cryptocurrencies in illegal activities.

The proposed working group under the Treasury Department would include members from “blockchain intelligence companies” and other industry experts. The group’s mandate would be to assess current risks and make recommendations on how to prevent the misuse of digital assets.

In his speech on the House floor, Rep. Nunn emphasized the importance of the legislation in strengthening America’s national security and ensuring that the next generation of financial technology is developed in the U.S. However, political analysts suggest that the bill may be more of a political gesture, with some viewing it as a way for crypto critics to push for stricter regulations and for crypto advocates to show their commitment to combating illegal activities.

解説

• The bill to create a working group for combating the misuse of digital assets highlights the U.S. government’s efforts to address potential risks associated with cryptocurrencies.
• By involving industry experts, the bill aims to leverage specialized knowledge to develop effective strategies against terrorism and money laundering.
• Despite its passage in the House, the bill faces an uncertain future in the Senate due to political divisions.
• The legislation reflects ongoing concerns about the security and regulatory challenges posed by the growing use of digital assets.