TL;DR Breakdown
- Ted Budd reintroduces crypto crime bill.
- The bill comes in wake of the capitol’s invasion.
In an act aimed towards ending the use of cryptocurrencies in terrorism, Ted Budd, a US legislator, has reintroduced his Financial Technology Protection Act.
The US legislator back in February 2018 and January 2019 introduced the bill as the house passed it both times only for it to stall at the senate.
Budd’s most recent bill is titled “To establish an Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a Fintech Leadership in Innovation and Financial Intelligence Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.”
The bill has been endorsed by other US legislators like Byron Donalds, Darren Soto, among others.
Crypto crime bill in wake of capitol invasion
Chainalysis, in a recent research, linked 500 million BTC payments to members of the alt-right group said to be part of the capitol riot.
Budd’s office released a statement after the incident stating that his bill would stop criminals and terrorists from using new technologies to wreak havoc on Americans.
However, in another Chainalysis report, terrorist financing and illegal crypto use only mark one percent of crypto activities, even if it remains a problem in the US.
US legislators in support of crypto
Several US legislators are in support of crypto and have continued to argue in favor of the currency.
Budd, Lynch, Davidson, and Soto, who are members of the Congressional Blockchain Caucus, last December, sent a letter to the SEC asking for more clarification on companies that can and can’t transact in cryptocurrencies.
However, as much as pro-crypto lawmakers continue to propose laws in favor of cryptocurrencies, many do not make it far.
