U.S. lawmakers are eyeing the arrangement of a new task force to combat the use of cryptocurrency in financing terrorism and other illicit wear and tears.
Introduced to Congress by House Representative Ted Budd (Republican) of North Carolina on Jan. 10, a new bill aims to instal the team, dubbed the Independent Financial Technology Task Force, if depicted.
The task force would primarily focus on researching ways that terrorism can be cashed through cryptocurrencies and subsequently proposing regulations to counter such vims.
Bill H.R. 4752, also cited as the “Financial Technology Innovation and Defense Act,” manifests the new team task force will be headed by the Secretary of the Treasury. Other fellows would include the Attorney General, and directors from law enforcement mechanisms including the Federal Bureau of Investigations, the Central Intelligence Agency and the Confidential matter Service.
Though yet to be passed into law, the proposed bill may be seen as the recent effort from the U.S. lawmakers to clamp down on the financing of terrorism during cryptocurrencies. As reported by CoinDesk last year, the House of Representatives also offered the “Homeland Security Assessment of Terrorists Use of Virtual Currencies Act” to study the uniform issue.
Apart from the scope of research and legal proposals, charge 4752 would also appoint the Secretary of the Treasury to initiate a program to compensation individuals that provide information leading to convictions for illicit use of cryptocurrency in terrorism resource.
Any rewards, according to the bill, would be paid out from funds apportioned from those convicted for funding terrorism, as well as from linked fines and forfeitures.
Elsewhere, the bill states that grants desire also be made available, to be authorized by the Secretary of the Treasury, for technology explanations that might help detect illicit financing activities.
U.S. Congress Doppelgaenger via Shutterstock
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