Share this article
US House Passes Bill for FinCEN to Study Blockchain Use
The House of Representatives passed legislation calling for FinCEN to study its use of “innovative technologies” — including blockchain.
By Danny Nelson
Updated Sep 13, 2021, 11:29 a.m. Published Sep 24, 2019, 9:00 p.m.
Make us preferred on Google
Congress wants the Financial Crimes Enforcement Network (FinCEN) to up its internal blockchain game with a new bill to study how the technology could be adapted for law enforcement.
On Sept. 19, the House of Representatives passed legislation calling for the financial crimes regulator to study its use of “innovative technologies” — including blockchain. The bill now moves to the Senate for consideration.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The “Advancing Innovation to Assist Law Enforcement Act” mandates that FinCEN’s director consider how blockchain and other tech advances can improve the bureau’s operations.
“The Director of the Financial Crimes Enforcement Network (“FinCEN”) shall carry out a study on… whether AI, digital identity technologies, blockchain technologies, and other innovative technologies can be further leveraged to make FinCEN’s data analysis more efficient and effective,” the bill reads.
Freshman Representative Anthony Gonzalez (R) Ohio, a member of the House Financial Services Committee, introduced the bill in May as a high-tech means to fight financial crimes.
“My bill makes sure that we are using the best technology we have available to find and stop the money laundering that makes all these crimes not only possible, but financially profitable for cartels, traffickers, and terrorists,” Gonzalez said.
Gonzalez’ act pushes FinCEN towards a technology whose best-known manifestation — cryptocurrencies — have largely been its to regulate. The Treasury department bureau’s interpretive guides and letters on matters from AML compliance to ICO rules inform industry players. If signed into law, FinCEN may have to jump in.
Gerard Daché, executive director at the Government Blockchain Association, which promotes blockchain technology solutions to government, called the advance long overdue.
The government often plays catch-up to "bad guys" and their blockchain tools, Daché said, wasting time, energy and money on antiquated techniques while the enemy races ahead.
"It's almost like an ostrich sticking its head in the sand" said Daché. Government bureaus such as FinCEN need to study how these tools are being used and then integrate them into their own arsenal, he said.
"When bad actors engage with it we’ve got to meet them on the battlefield of technology."
Capitol dome image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
XRP drops 4% as traders watch whether $1.88 support holds
Price stabilizes near recent lows after a volatile pullback from above $2.
What to know:
- XRP slipped nearly 4% as bitcoin fell below $88,000, with price action driven more by market structure and positioning than by changes to Ripple’s fundamentals.
- Spot XRP ETFs saw about $40.6 million in weekly outflows, suggesting institutional profit-taking and rotation rather than a loss of confidence in the asset.
- XRP remains range-bound in a tight consolidation between support around $1.88 and resistance near $1.93–$1.95, with fading volume pointing to a larger move once the current stalemate resolves.
Top Stories
