The US House of Representatives has passed new cryptocurrency legislation aimed at fighting illicit finance. The bipartisan bill includes forming a government working group to assess crypto’s use in terrorism and money laundering.
Points
- US House passes new crypto legislation to combat illicit finance.
- A government working group will be formed to assess crypto use in terrorism and money laundering.
- The bill emphasizes protecting Americans’ access to cryptocurrencies.
- It is unlikely to pass the Senate but reflects broader regulatory efforts.
The US House of Representatives has passed a new piece of cryptocurrency legislation aimed at combating its use in illicit finance. The bipartisan financial services bill proposes creating a government working group to assess how cryptocurrencies are being used for terrorism and money laundering.
As cryptocurrencies rapidly emerge as a major payment method, Representative Nunn emphasized the importance of ensuring that Americans have protected access to these digital assets. The temporary working group, to be established under the Treasury Department, will include industry experts from blockchain intelligence companies, research institutions, and fintech firms. Their task will be to study crypto transactions and devise strategies to prevent bad actors from exploiting these technologies for illegal purposes.
“As cryptos quickly emerge as a major payment, we want to ensure Americans have protected access to it,” stated Rep. Nunn.
Despite the House’s approval, the bill faces an uncertain future in the Senate. However, it is part of a broader effort by Congress to address cryptocurrency regulation. During a House floor speech, Rep. Nunn stressed that the legislation is crucial for ensuring the next generation of financial and internet technology is developed in America.
Analyst Jaret Seiberg of TD Cowen noted that the bill serves as a political response to demands for stricter money laundering regulations, while also providing crypto advocates with some political cover against attacks. The legislation arrives at a time when industry representatives are reaching out to Vice President Kamala Harris, urging her to support the digital asset industry following President Joe Biden’s decision not to run for re-election in 2024.
解説
- Legislative Efforts: The new crypto bill reflects ongoing efforts by lawmakers to regulate the use of digital assets, balancing the need for security with the benefits of innovation.
- Government Working Group: The formation of a working group under the Treasury Department indicates a collaborative approach to tackling illicit finance involving cryptocurrencies, leveraging expertise from various sectors.
- Regulatory Challenges: The bill’s uncertain prospects in the Senate highlight the complexities and challenges in achieving consensus on cryptocurrency regulation.
- Industry Impact: The legislation’s emphasis on protecting access to cryptocurrencies underscores the importance of regulatory frameworks that support both security and innovation in the digital asset space.