Senators Catherine Cortez Masto (D-Nevada), Chuck Grassley (R-Iowa), and Amy Klobuchar (D-Minnesota) have introduced bipartisan legislation aimed at enhancing the US Secret Service’s ability to tackle crypto-related criminal activities. The proposed Combating Money Laundering in Cyber Crime Act seeks to modernize existing laws and grant the Secret Service broader authority to investigate emerging digital asset crimes.
#ICYMI: US lawmakers introduce legislation to expand Secret Service authority in battling crypto crimes
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According to a joint press release, the legislation intends to update legal frameworks to address new forms of criminal activity involving digital assets. Senator Cortez Masto emphasized that the use of cryptocurrency for illegal activities poses a significant threat to national security and public safety.
While the Secret Service is primarily known for protecting national leaders, it also plays a critical role in safeguarding the nation’s financial and payment systems from criminal misuse. The press release notes the need for legal updates to enable the Secret Service to address cybercrimes carried out through unlicensed money transmitters beyond its current jurisdiction.
#catnews #cryptonews US lawmakers introduce legislation to expand Secret Service authority in battling crypto crimes https://t.co/mI3gGkUcYY pic.twitter.com/W2gfbnEyJk
— DTM (@DerekTMcKinney) August 5, 2024
The Combating Money Laundering in Cyber Crime Act aims to rectify this by ensuring the Secret Service has the necessary authority to investigate cybercrimes involving unlicensed and unconventional financial institutions.
In the House of Representatives, a similar bill has been proposed by Representatives Scott Fitzgerald (R-Wisconsin), Zach Nunn (R-Iowa), Gregory Meeks (D-New York), and Madeleine Dean (D-Philadelphia).
US Secret Service To Bust More Crypto Crimes if New Proposed Bill Goes Through https://t.co/pvrPogByTy pic.twitter.com/VhTdPAa781
— Los Hermanos Kruptos (@LosKruptos) August 6, 2024
Last year, Senator Cortez Masto also supported Senator Elizabeth Warren’s (D-Massachusetts) Digital Asset Anti-Money Laundering Act of 2023, which seeks to impose traditional financial system money laundering regulations on the crypto industry. This bill, which remains at the introduction stage, faced criticism from crypto advocates who feared it might effectively restrict digital asset activities like staking and mining.
Major Points:
- Senators Catherine Cortez Masto, Chuck Grassley, and Amy Klobuchar have introduced the Combating Money Laundering in Cyber Crime Act to enhance the Secret Service’s authority over crypto-related crimes.
- The bill aims to update existing laws, allowing the Secret Service to investigate new forms of criminal activity involving digital assets and address cybercrimes committed by unlicensed financial institutions.
- Senator Cortez Masto highlighted that cryptocurrency use for illegal activities poses a significant threat to national security and public safety.
- A similar bill has been proposed in the House of Representatives by Representatives Scott Fitzgerald, Zach Nunn, Gregory Meeks, and Madeleine Dean.
- Last year, Cortez Masto supported the Digital Asset Anti-Money Laundering Act of 2023, which sought to impose traditional financial regulations on the crypto industry, but it faced criticism for potentially restricting digital asset activities like staking and mining.
Charles William III – Reprinted with permission of Whatfinger News
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