U.S. House Passes Landmark Cryptocurrency Illicit Finance Bill Amid Senate Uncertainty

Monday, 22 July 2024, 21:52

The U.S. House of Representatives has passed a significant bill aimed at addressing cryptocurrency's potential role in **illicit finance** and **terrorism**. This legislation proposes the establishment of a federal body to evaluate and provide recommendations on these concerns. Despite its passage in the House, experts suggest that the bill is unlikely to gain traction in the Senate, casting doubt on its future. Overall, this legislative effort reflects growing governmental interest in regulating digital currencies to better combat financial crime.

CoinDesk — U.S. House Passes Landmark Cryptocurrency Illicit Finance Bill Amid Senate Uncertainty

U.S. House Passes Crypto Illicit Finance Bill

The legislation aims to create a federal group tasked with assessing crypto in relation to terrorism and illicit finance.

Key Points of the Legislation

Establishment of a federal body to evaluate cryptocurrency's implications.
Recommendations for mitigating risks associated with digital currencies.
The bill's challenges in the Senate may hinder its progress.

Conclusion

The potential implications of this legislation highlight the government's increasing scrutiny of the crypto market in an effort to curb financial crime and enhance security.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

U.S. House Passes Crypto Illicit Finance Bill

Key Points of the Legislation

Conclusion

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