A new bill, backed by bipartisan groups from both the Congress and Senate, was unveiled this Thursday aiming to prevent digital asset from being used for illicit activities. The bill, proposed by Representatives Zach Nunn and Jim Himes and Senators Kirsten Gillibrand and Ted Budd, is seeking to create a multi-agency and multi-company workgroup to help combat terrorism and other illicit financing on digital platforms. It is also proposed to contain individuals from various companies related to the digital platform industry such as Financial technology companies, blockchain intelligence companies, financial institutions, and institutions or organizations engaged in research.
Representative Zach Nunn stated that the bill is aiming to also protect the rights of regular users of digital assets while promoting their lawful engagement with it. The document hopes to protect both the security of the United States and individual rights of freedom while maintaining the integrity of digitalassets.
The US has been fighting to regulate digital assets in order to fight the illicit use of cryptocurrency for many years, but this can be argued to be moving a bit slow, harming both development and investors within the US. The SEC has been heavily criticized by the digital asset company community for their approach. The White House praised the regulators' activities but criticized Congress for not making an extra effort to pass and/or support related laws. Certain states, like Arkansas, have been promoting digital asset miners' rights, whilst Texas has decreased their protections for these miners.
Overall, the bill proposed this Thursday is a positive advancement toward the proper fitting of the variety of digital assets into the global economy. As the industry is growing and becoming increasingly complex, it is time that the global regulations, especially the US, acknowledge the need and the necessity to give proper guidance and protection of their citizens while also meeting their security needs and protecting the integrity of digital assets.
Anthony Brooks
- 2023-04-27
New Bill Aims to Prevent Illicit Use of Digital Assets
Representatives Zach Nunn and Jim Himes alongside Senators Kirsten Gillibrand and Ted Budd are proposing a new bill aiming to prevent digital assets from being used for illicit activities. The bill is aiming to also protect user rights of freedom for digital assets, promoting their lawful engagement with it.
