New Senate Bill Empowers US Secret Service to Combat Digital Asset Cybercrimes

U.S. senators have introduced legislation to empower the Secret Service to combat cybercrimes involving digital assets. This legislation addresses the growing use of cryptocurrencies for illicit activities and mandates the Government Accountability Office to evaluate law enforcement’s effectiveness in tackling money laundering in cyber crimes.

New Bill Targets Cybercrime and Money Laundering with Digital Assets

Senators Catherine Cortez Masto (D-NV), Chuck Grassley (R-IA), and Amy Klobuchar (D-MN) announced Friday they have introduced the “Combatting Money Laundering in Cyber Crime Act” in order to “help the Secret Service better detect and deter cybercrimes.” The announcement states:

Specifically, this bill would update current law to authorize the Secret Service to investigate new forms of criminal activity involving digital assets.

Senator Cortez Masto commented: “The funding of criminal activity through digital assets poses a direct threat to the security and safety of our nation.” She emphasized the legislation is crucial for bolstering the agency’s ability to address new forms of financial crime.

“Seedy financial enterprises are often behind crimes in our communities. If we want to get serious about cracking down on money laundering schemes, it’s going to take strong threat assessment capabilities,” Senator Grassley opined.

This legislative initiative responds to concerns from the U.S. Treasury Department and financial crime experts about the growing use of cryptocurrencies for illicit activities, such as money laundering and terrorist financing. The bill aims to amend Section 3056(b) of Title 18 of the United States Code to include new offenses under the Secret Service’s investigative purview. The bill also mandates the Government Accountability Office (GAO) to study and report on the implementation of Section 6102 of the Anti-Money Laundering Act of 2020, with a particular focus on law enforcement’s effectiveness in identifying and deterring money laundering in cyber crimes.

Representatives Scott Fitzgerald (R-WI), Zach Nunn (R-IA), Gregory Meeks (D-NY), and Madeleine Dean (D-PA) introduced similar companion legislation in the U.S. House earlier this year.

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