US Task Force to Combat Crypto Use by Terrorists

US House Passes Bill for Task Force to Combat Crypto Use by Terrorists

The U.S. House of Representatives passed a bill on September 26 that could set a crypto task force to fight terrorist usage of cryptocurrencies, public documents indicate.

House Resolution (H.R.) 5036, that signifies an amended version of this bill proposed by Rep. Ted Budd (R-NC) to the Committee on Financial Services in January, builds an”Independent Financial Technology Task Force” to fight the illegal use of cryptocurrency.

According to public documents printed on the official internet database of the U.S. Congress, the newest version of the bill was passed by the entire House by voice vote.

Like the first version of the bill which has been released on January 10, H. R. 5036 establishes the very same time-frames for exploring and providing reports about the possible use of crypto in criminal pursuits. According to the record, the Task Force should provide their findings”not later than 1 year following the date of this enactment” of this invoice.

Among the critical amendments of this updated bill is the addition of segment on preventing entities from utilizing cryptocurrencies so as to prevent sanctions. The new segment entitled”Preventing Rogue And Australian Actors From Evading Sanctions” obliges authorities to report”not later than 180 days” following enactment of this bill on the prospective applications of crypto and emerging technologies as a way of both sanctions evasion, terrorism funding, or money laundering.

The bill includes a reward policy for helping authorities in providing advice”leading to convictions associated with terrorist use of currencies” H.R. 5036 implies that the reward level shouldn’t exceed $450,000 to”any individual who provides information resulting in the conviction” of a person involved in terrorist use of cryptocurrencies.

Fanusie also mentioned that the crypto and blockchain sector is”not innately illicit and ought not to be feared,” because any emerging technologies can be used for both”great” and”sick”,”determined by the user”

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