US House Unanimously Passes Bill to Help Fight Illicit Use of Cryptocurrencies

The U.S. House of Representatives has unanimously passed a bill to help prevent the illicit use of cryptocurrencies, including bitcoin, dash, zcash, and monero. This bill follows a testimony by the Secret Service asking Congress for help stopping these activities.

H.R. 6069 Bill Passed

The U.S. House of Representatives has passed Bill H.R. 6069, known as the “Fight Illicit Networks and Detect Trafficking Act.”

The bill was considered by the House on Monday, June 25, and “passed unanimously,” according to California Rep. Juan Vargas, the representative who jointly introduced the bill with Rep. Keith Rothfus, announced.

The Republican Policy Committee website describes:

H.R. 6069 would require the Government Accountability Office (GAO) to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking. The GAO study would also examine how virtual currencies can be used to detect and deter these illicit activities.

After passage of the bill, Rep. Rothfus released a statement saying, “Illicit markets where drug and human trafficking take place are constantly evolving, especially on the dark web…Cryptocurrencies can mask traffickers’ transactions, affording them a level of anonymity when conducting illegal activities.” He added that “This bipartisan legislation will help the government expose new criminal methods to move illicit funds, and provide ways to stop them.”

Bill Aimed at Fighting Illicit Use of Crypto

While acknowledging that “Virtual currencies, such as bitcoin, dash, zcash, and monero, can be used for legal purchases,” the Committee website noted, “It has also been reported that virtual currencies are being used to run illegal online marketplaces to sell drugs, including the opioid fentanyl, and contributing to the opioid crisis in America.”

The Republican Policy Committee further claims, “according to recent reports, transnational criminal organizations are increasingly using virtual currencies for illicit activities, including drug trafficking,” citing the US Drug Enforcement Administration’s 2017 National Drug Assessment…

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