The House of Representatives of the United States has passed a bill which will see the forming of a cryptocurrency task force.
According to the public records, the bill which was pending approval has been passed and will see the “task force” established in order to fight against illicit cryptocurrency activity.
Initially, the bill was introduced in House in February. It was later amended by representative Tedd Budd and released as the House of Representative (HR) Bill 5036. According to the document, it sets out:
“To establish an Independent Financial Technology Task Force, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a FinTech Leadership in Innovation Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.”
According to the House of Representatives, the amended bill further seeks to:
- [establish] the Independent Financial Technology Task Force, which must report annually on such matters;
- [establish] the FinTech Leadership in Innovation Program to support the development of tools and programs to detect such activities; and
- [direct] the Department of the Treasury to provide a reward for a person who provides information regarding the terrorist use of digital currencies.
Now included in the amended bill is the introduction of the section “preventing rogue and foreign actors from evading sanctions”. This seeks to avoid the criminal evasion of sanctions through the use of cryptocurrency by means of money laundering or financial terrorism.
The bill also includes the concept of a reward policy for assistance with regulations. Rewards will be offered to those who are able to help the regulatory authorities by providing information if it can lead “to convictions related to terrorist use of digital currencies.” Although details are not given, any reward should not exceed $450,000 USD.