The US House of Representatives recently passed a bipartisan bill that would create a task force to investigate the use of digital assets in illicit finance.
The Fintech Security Act would bring together private sector officials and a wide range of government agencies to develop reports on how fintech can be used to finance illicit organizations and terrorism.
The working group will also be tasked with issuing regulatory and legislative recommendations related to combating money laundering and illicit finance.
Specifically, the bill calls for the task force to examine how digital assets could be used by state and non-state actors to pose a threat to the national security of the United States.
The House passed the bill on Monday, and potential legislation will move to the Senate for consideration. Legislative tracker GovTrack estimates the bill has a 75% chance of passing.
If the bill passes in its current form, the task force would include representatives from the Financial Crimes Enforcement Network (FinCEN), the Internal Revenue Service (IRS), the Office of Foreign Assets Control (OFAC), the Federal Bureau of Investigation (FBI), and the Department of Homeland Security ( DHS), Central Intelligence Agency (CIA), Drug Enforcement Administration (DEA), and State Department.
The Under Secretary for Counterterrorism and Financial Intelligence will also be tasked with appointing individuals representing fintech companies, blockchain intelligence companies, financial institutions, research institutions, and civil liberties/privacy organizations.
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