US House of Representative Introduces Crypto Anti-Terrorism Bill

US House of Representative introduces Crypto anti-terrorism bill

TL;DR Breakdown

  • US lawmakers propose a new crypto bill that looks to prevent terrorism financing 
  • Financial agencies in the US have already enacted a number of policies to prevent money laundering.

A group of lawmakers in the United States has submitted a new bill to the House geared towards preventing financing terrorism through crypto payments.

The bill, sponsored by Ted Budd and other House members, wants a task force created whose sole purpose would be to combat terrorism financing through cryptocurrency. 

Not only that, but the bill also wants to reward informants who give information that leads to the arrest and convictions of such terrorists who use crypto assets for their nefarious activities. Simultaneously, the bill would be looking to encourage the development of tools that would effectively combat terrorism and the illegal use of virtual assets.

House Committee on Budget and Financial Services is expected to sit for a preliminary discussion on the bill.

One of the new bill sponsors, Rep. Budd, is a keen supporter of cryptocurrency and blockchain technology in Congress. He was one of those who led the call for clarity in the crypto regulation of the country. He has also introduced quite a number of bills that seek to improve crypto regulations in the country.

The US keen on preventing terrorism funding through cryptocurrency 

Financial authorities in the United States have been doing all they can to prevent funding of terrorists through cryptocurrency.

The agencies have enacted quite a number of policies, which include several Anti-Money laundering policies. They have also mandated that crypto exchanges enforce their Know-Your-Customer policies into their system.

The belief is that it would be difficult to sponsor terrorism and other illegal activities by enacting such stringent measures.

Chainanalysis, a Blockchain intelligence company, claims that ISIS owns close to $300 million worth of Bitcoin is false. However, US authorities said that they seized some crypto assets that belong to Al-Qaeda and ISIS.

 

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