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

In a routine vote, the U.S. House of Representatives has passed a narrow bill aimed at creating a working group to investigate the use of cryptocurrencies in terrorism and money laundering. While this legislation, sponsored by Rep. Zach Nunn (R-Iowa), marks another step in congressional approval of crypto measures, its prospects in the Senate appear slim without a corresponding bill.

The bill proposes a temporary working group under the Treasury Department to examine the misuse of digital assets and provide recommendations. This group would include industry experts, including members from blockchain intelligence companies. Rep. Nunn emphasized the bill's importance for national security and the protection of 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 matched this enthusiasm. Analysts, like Jaret Seiberg from TD Cowen, view the bill as a political maneuver to address demands for stricter money laundering controls and to offer crypto advocates a defense against accusations of facilitating criminal activity.

As the 2024 presidential race heats up, cryptocurrency remains a significant political issue. On Monday, 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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