Task Force against Crypto Financing of Terrorists Proceeds to Senate

Task Force against Crypto Financing of Terrorists Proceeds to Senate

An amended version of House Resolution 5036, drafted by North Carolina Congressman Ted Budd, was passed by the US House of Representatives yesterday, September 26. It will now proceed to the Senate

The Independent Financial Technology Task Force (H.R. 5036) was created to fight against the potential use of cryptocurrency to finance terrorism and other illegal activities. The task force is given the role of researching the possible ways in which terrorists and criminals can be funded through the means of cryptocurrencies. This task force would then outline proposals on how to proactively suppress such activities.

A revision to the bill was made to include a new segment: Preventing Rogue and Foreign Actors from Evading Sanctions. This section obligates watchdogs to report the possible uses of cryptocurrencies and related technologies in criminal and terrorist acts, and also for evading sanctions. The regulators should report within one hundred and eighty days after the ratification of the bill.

The development of different programs and mechanisms to pinpoint illicit cryptocurrency activities are also supported by the bill.

H.R. 5036 includes a reward of not more than $450,000 is to be given to individuals who passes on information that leads to the conviction of perpetrators.

Some news sites are reporting this bill is suspended. But according to the office of Rep. Ted Budd the bill will proceed to the Senate.

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