Feds to Study Terrorist Exploitation of Cryptocurrencies, Proposed in Reintroduced Congressional Bill

CoinDesk reported that a bipartisan bill, presented on Thursday to both the U.S. Senate and House of Representatives, would require the federal government to investigate illegal use cases of cryptocurrencies and suggest ways to address them. Sponsored by Senators Kirsten Gillibrand (D-N.Y.) and Ted Budd (R-N.C.), along with Congressmen Zachary Nunn (R-Iowa) and Jim Himes (D-Conn.), the Financial Technology Protection Act seeks to establish a working group that will examine the possible exploitation of cryptocurrencies and other new financial technologies by terrorists or other criminals, and provide recommendations to Congress and regulatory agencies to counter these activities.

Congressman Nunn explained that the aim is to analyze the situation and establish a regulatory framework in response to it. The bill had been previously introduced twice.

A bipartisan bill has been introduced to both the U.S. Senate and House of Representatives, seeking to investigate the potential exploitation of cryptocurrencies by terrorists and other criminals. The Financial Technology Protection Act proposes the creation of a working group comprising senior members of the Intelligence Community and financial innovation experts.

The group would examine the illicit financing of malicious actors and suggest measures to counter them. Industry representatives from various financial technology companies would also be appointed to the group if the bill is passed. The bill was introduced ahead of hearings hosted by Financial Services Committee subcommittees and a House Agriculture Committee subcommittee, all focused on crypto or illicit finance.

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