Two U.S. Senators have introduced a bill designed to enhance the Secret Service’s ability to tackle cryptocurrency-related crimes. The proposed legislation aims to grant the agency more authority and resources to investigate and prosecute offenses involving digital currencies.
This move reflects a growing recognition of the need for specialized law enforcement capabilities in the rapidly evolving world of cryptocurrency.
New Bill Aims to Strengthen Secret Service’s Role in Combatting Crypto Crime
On August 2, Senators Catherine Cortez Masto of Nevada and Charles Grassley of Iowa introduced the “Combatting Money Laundering in Cyber Crime Act of 2024.” This proposed legislation seeks to enhance the Secret Service’s capabilities to investigate cryptocurrency transactions related to unlicensed money transmitting businesses and potential frauds targeting U.S. financial institutions.
Senator Cortez Masto emphasized the importance of the bill, noting that the use of digital assets to fund criminal activity poses a significant threat to national security and safety. She highlighted that this bipartisan and bicameral bill would improve the Secret Service’s ability to investigate emerging financial crimes involving digital assets.
Senator Cortez Masto Tweet_Source: X
Senator Grassley supported the bill, calling for more robust threat assessments to identify and address illicit financial enterprises engaged in money laundering. He believes that elevating financial activities to federal law enforcement’s radar will enhance the ability to prevent and anticipate crimes.
According to blockchain forensics firm Chainalysis, illicit addresses laundered $22.2 billion in cryptocurrencies in 2023. Although this figure represents a substantial amount, it marks a nearly 30% decrease from $31.5 billion in 2022.
US Targets Crypto Crime Despite Cash Leading Money Laundering
In February, the US Treasury reported that cash remains the primary method of money laundering in the US, rather than cryptocurrency. Despite this, several US agencies, including the Treasury, Department of Justice, Securities and Exchange Commission, and Commodity Futures Trading Commission, have actively worked to combat cryptocurrency-related crimes in recent years.
The Secret Service, traditionally focused on protecting high-profile individuals such as the President and Vice President, also investigates crimes affecting the US financial infrastructure. However, its competence was questioned in July when it failed to prevent an assassination attempt on Republican candidate Donald Trump.
Additionally, on July 23, the US House of Representatives passed the Financial Technology Protection Act. This legislation aims to curb illicit cryptocurrency activities while also preserving consumer choice.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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