**Senators Push for Expanded Secret Service Powers to Tackle Crypto Crime**

Two U.S. Senators, Catherine Cortez Masto of Nevada and Charles Grassley of Iowa, have introduced the "Combatting Money Laundering in Cyber Crime Act of 2024" on August 2. This bill aims to bolster the Secret Service's ability to investigate cryptocurrency transactions linked to unlicensed money transmitters and fraud against U.S. financial institutions.

- Cortez Masto emphasized the bill's importance, citing the threat posed by criminal activities funded through digital assets.

- Grassley highlighted the need for stronger threat assessments to catch financial enterprises involved in money laundering.

In 2023, illicit addresses laundered $22.2 billion in cryptocurrencies, a 30% drop from 2022, according to Chainalysis. Despite this, cash remains the primary method for money laundering in the U.S., as noted by the US Treasury.

The Secret Service, known for protecting high-profile political figures, also investigates financial crimes. This bill aims to enhance their capabilities in the evolving landscape of digital assets.