🛑🛑🛑 BREAKING NEWS ALERT EVERYONE ⛔⛔⛔

🚨🚨 U.S. House Passes Crypto Illicit Finance Bill, Faces Uncertain Senate Future

The U.S. House of Representatives has passed a bill to create a working group to investigate the use of cryptocurrencies in terrorism and money laundering. Sponsored by Rep. Zach Nunn (R-Iowa), this bill marks a step forward in congressional efforts to regulate crypto, but its future in the Senate is uncertain without a companion bill.

The proposed working group, under the Treasury Department, will examine the misuse of digital assets and provide recommendations. This group will include industry experts, including members from blockchain intelligence companies. Rep. Nunn emphasized the bill's importance for national security and protecting digital assets, highlighting its role in ensuring the future of financial and internet technology is developed in the U.S.

Despite bipartisan progress in the House, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), the Senate has not shown the same enthusiasm. Analysts, like Jaret Seiberg from TD Cowen, see the bill as a political move to address demands for stricter money laundering controls and to give crypto advocates a defense against accusations of facilitating criminal activity.

As the 2024 presidential race heats up, cryptocurrency remains a significant political issue. Recently, industry representatives urged Vice President Kamala Harris to adopt a positive stance on digital assets and blockchain technology. They called for her to include pro-innovation policies in the Democratic platform and to select a running mate experienced with digital asset technology. This plea reflects a broader industry push for a more crypto-friendly approach from potential Democratic leadership.

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