Share this article
US Lawmakers Move Forward on Crypto Task Force Proposal
The U.S. House of Representatives has reconsidered a proposed federal task force to investigate cryptocurrencies' use in financing acts of terror.
By Nikhilesh De
Updated Sep 13, 2021, 8:25 a.m. Published Sep 27, 2018, 6:00 p.m.
Make us preferred on Google
An effort by the U.S. Congress to launch a task force investigating cryptocurrencies is gaining traction.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
, a bill hoping to establish the "Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing," was referred to the House of Representatives Wednesday for consideration. The bill, a seeming upgrade from one introduced by Representative Ted Budd earlier this year, would launch a working group to examine cryptocurrencies and other new forms of financial technologies, in particular looking for any potential use in crimes.
indicate that the bill was passed by the House with a "motion to reconsider laid on the table" being "agreed to without objection." A spokesperson for Budd's office told CoinDesk this means the bill will now proceed to the Senate.
Like an earlier form of the bill, H.R. 5036 would have brought together federal law enforcement leaders and provide them a year to study cryptocurrencies and how they may be used in funding terrorist activities.
The task force would then have been required to brief Congress, including by proposing actions to curb such activity in the future.
The bill also provided rewards for individuals or entities who provide information leading to convictions for malicious actors using cryptocurrencies to fund terrorist activities.
However, unlike previous versions of the bill, 5036 specifically added provisions for preventing "rogue and foreign actors from evading sanctions," explaining that:
"The President [of the U.S.], acting through [the task force], shall submit to the appropriate congressional committees a report that identifies and describes the potential uses of digital currencies and other related emerging technologies by states, non-state actors, and foreign terrorist organizations to evade sanctions, finance terrorism, or launder monetary instruments, and threaten United States national security."
Editor's note: This article has been corrected to indicate the bill will proceed to the Senate.
U.S. Capitol Building image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin, ether extend declines as leverage unwind accelerates: Crypto Markets Today
Crypto markets fell further overnight as bitcoin and ether extended losses, metals tumbled and liquidation pressure hit leveraged traders across derivatives markets.
What to know:
- Bitcoin and ether extended declines as the crypto market compounded Thursday's selloff.
- Silver and gold also fell, adding to broader market weakness alongside a firmer dollar.
- Crypto liquidations hit $1.8 billion, while bitcoin dominance slipped as traders rotated into riskier altcoins.
Top Stories
