Two U.S. Senators, Catherine Cortez Masto of Nevada and Charles Grassley of Iowa, have introduced a bill aimed at expanding the Secret Service’s powers to tackle cryptocurrency-related crimes.
The proposed legislation, titled the “Combating Money Laundering in CyberCrime Act of 2024,” seeks to broaden the Secret Service’s authority to investigate cryptocurrency transactions conducted by unlicensed money-transmitting businesses and frauds targeting U.S. financial institutions.
Senator Cortez Masto emphasized the bill’s importance, stating,
“The use of digital assets to fund criminal activities poses a significant threat to our nation’s security. This bipartisan and bicameral effort will equip the U.S. Secret Service with the tools necessary to investigate and combat emerging forms of financial crime involving digital currencies.”
Senator Grassley added that the bill would enhance threat assessments to identify and prevent illegal financial activities.
“By bringing financial activities under federal law enforcement scrutiny, this legislation enhances our ability to anticipate and thwart criminal enterprises engaging in money laundering,”
he stated in a recent social media post.
In a parallel development, the U.S. House of Representatives passed the Financial Technology Protection Act on July 22. This bill, introduced by Representatives Zach Nunn and Jim Himes in April 2023, establishes a working group to study the illicit use of digital assets. It focuses on preventing “rogue and foreign nations” from using cryptocurrencies to evade sanctions through coordinated efforts among federal agencies.
Representative Nunn highlighted the bill’s significance, stating,
“This bipartisan legislation will help protect against security risks and illicit money laundering while safeguarding consumer choice for all Americans.”
These legislative efforts come amid a reported decline in cryptocurrency laundering. According to a recent report by blockchain forensics firm Chainalysis, there was a 30% reduction in such activities in 2023. Illicit addresses transferred about $22.2 billion worth of cryptocurrencies, down from $31.5 billion in 2022. The firm attributed this to the increasing participation in the sector by law enforcement and the stricter security measures implemented by DeFi platforms.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
