Monday, 6 Jul 2020

To Combat Against Crypto Access By Terrorist, Bill Passed By US House For Taskforce

On September 26, the US House of Representatives approved a bill to create a task force group to combat the use of cryptocurrency by terrorists, according to public records.

House Resolution (H.R.) 5036, which stands for a customized version of the bill presented by Rep Ted Budd in January, the Financial Services Commission, creates an Independent Financial Technology Task Force to fight against the illegal cryptocurrency application.

To Combat Against Crypto Access By Terrorist, Bill Passed By US House For Taskforce

According to public documents published in the official online database of the US Congress, the new version of the law was adopted by voice poll throughout the House.

Similar to the original version of the law that was introduced on January 10, H.R. 5036 defines the same timeframes to investigate and report on the possible use of cryptocurrency in criminal activities. According to the document, the working group should provide its findings no later than one year after the date of approval of the bill.

One of the most important changes to the updated law is the introduction of a section on the prevention use cryptocurrency use by entities to avoid sanctions. The new section, ‚ÄúPreventing Rogue And Foreign Actors From Evading Sanctions,” requires regulators to state no more than 180 days after the adoption of the law on the potential use of money laundering.

The bill contains a compensation policy to help regulators provide information “that leads to convictions regarding the use of digital currency by terrorists.” HR 5036 suggests that the reward amount does not exceed $ 450,000 for “someone who provides information that is involved in the use of crypto for terrorism.

CSD director of FDD analysis Fanusie also noted that the crypto and blockchain industry is not intrinsically against the law and should not be feared as any emerging technology can be used for both good and bad causes.

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