House Passes Bill to Study Cryptocurrency's Role in Terrorism and Money Laundering

IconCryptoNewsTerminal Staff22 Jul, 2024

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House Passes Bill to Study Cryptocurrency's Role in Terrorism and Money Laundering

The House of Representatives has passed a bill that would create a task force to study whether cryptocurrencies are being used to fund terrorism and money laundering. The bill, introduced by Rep. Zach Nunn (R-Iowa), would create a task force within the Treasury Department to study the issue and make recommendations for addressing it. The task force would be required to submit a report to Congress within 180 days of its creation. The report would include an assessment of the extent to which cryptocurrencies are being used to fund terrorism and money laundering, as well as recommendations for how to address the issue. The bill's passage in the House is a sign of growing concern among lawmakers about the potential misuse of cryptocurrencies. However, it is unclear whether the bill will advance in the Senate.

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