The bill would establish a federal group to evaluate cryptocurrency in terrorism and illicit finance and make recommendations to prevent it, but the bill is not expected to pass the Senate.
The US House of Representatives has passed a cryptocurrency bill by a conventional vote, although the bill establishes a government working group to evaluate how to prevent malicious use of the digital asset number is unlikely to become law as it is now.
The brief bill sponsored by Congressman Zach Nunn (R-Iowa) is one of several cryptocurrency provisions previously passed by the House Financial Services Committee, but despite bipartisan progress As for industry-friendly legislation in the House – such as the Financial Technology and Innovation for the 21st Century (FIT21) Act – the Senate has yet to reach the same consensus as the House on cryptocurrency.
Nunn's effort, approved unanimously by the committee last year, would establish an interim working group under the direction of the Treasury Department to explore the use of digital assets in terrorism and money laundering and provide recommendations on how to resolve it. The group will include figures from the industry, including members from “blockchain intelligence companies.”
In a speech on the House floor, Nunn called the bill “critical in strengthening America's national security, protecting our digital assets, and ensuring the next generation of technology.” Finance and the internet are built right here in America.”
However, according to Jaret Seiberg, an analyst with TD Cowen, the bill is mainly a political exercise.
“For crypto critics, this is a way to register their demands for a crackdown on money laundering,” he said in a note to clients on Monday. “And for cryptocurrency advocates, this gives them political protection from attacks that their support of digital assets facilitates money laundering and criminal."
While cryptocurrency has become a prominent political topic in the 2024 presidential election, the likelihood that a divided Congress will agree on a long-awaited regulatory approach to the The industry remains fragile. To do that, those in the cryptocurrency industry are closely watching a number of related provisions being considered for the National Defense Authorization Act — the annual bill that identifies the nation's defense priorities. family.
Also on Monday, Digital Chamber sent a letter to Vice President Kamala Harris – currently the party's nominee as the leading candidate to replace President Joe Biden as the Democratic Party's presidential nominee. The letter asks Harris to “adopt a progressive approach to digital assets and blockchain technology” by adding a positive stance on cryptocurrency to the party's official platform and choosing a partner. candidate “has a track record of engaging with digital asset technology and proposing innovative policies.”
The letter reflects calls from several prominent industry participants, who also called on the potential Democratic Party leader to take a more crypto-friendly approach.
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