US Representative Ted Bud (R-NC) sponsored a new law aimed at creating an agency in charge of combating the use of cryptocurrencies for terrorist financing.
The bill – HR 296 – is sponsored by actors Warren Davidson (R-OH), Stephen Lynch (D-MA), Byron Donalds (R-FL) and Darren Soto (D-FL) and was presented Wednesday.
In addition to creating a working group, the bill also aims to:
Reward information for information that leads to persuasion regarding the use of digital currencies by terrorists to create a Fintech Leadership in Innovation and Financial Intelligence program to encourage the development of tools and programs to combat terrorism and the illegal use of digital currencies, among other things. Objectives. ”
After submission, the bill was referred to the Financial Services Committee and the Budget Committee for initial consideration. Representative Budd is a prominent supporter of cryptocurrency and blockchain in Congress.
In 2019, the Buddhas announced a demand for more clarity in the country’s cryptocurrency laws. He also provided several house bills that were intended to improve regulatory standards for the US industry.
While money laundering and countering the financing of terrorism remain an important point of access to cryptocurrency for many government agencies, cryptocurrency data indicate limited use of virtual currencies by terrorist organizations. Back in May 2020, blockchain intelligence Chainalysis revealed that ISIS owns around $ 300 million worth of bitcoins.
However, the US Department of Justice allegedly confiscated cryptocurrencies that allegedly belong to the ISIS and al-Qaeda terrorist networks. In June 2020, reports also surfaced that pro-ISIS media platforms had collected donations in the popular Monero coin to ensure privacy.
Meanwhile, Chainalysis released a report that some of the participants in the recent uprising in the US Capitol building received large donations of bitcoin from a French programmer a month before the crash. According to Crypto Medicine, the now deceased donor has a history of supporting causes that support far-right political and social ideologies.
The US police are reportedly investigating possible links between the donations and the planning of the uprising.