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October 4, 2022
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The US wants to establish an authority that will fight the financing of terrorism using cryptocurrencies –

A cross-party group of politicians in the House of Representatives presented its draft law on the establishment of a task force to combat terrorist financing with the use of cryptocurrencies.

Cryptocurrencies cannot serve terrorists!

Congressman Ted Budd has just presented a new piece of legislation to create an agency to combat the use of cryptocurrencies to finance terrorism.

The HR 296 bill is also supported by Warren Davidson, Stephen Lynch, Byron Donalds and Darren Soto.

In addition to the establishment of the aforementioned task force, the bill also aims “Provide a reward for information leading to criminal convictions for terrorist use of digital currencies, establish the Fintech Leadership in Innovation and Financial Intelligence program to encourage the development of tools and programs to combat terrorism and the illegal use of digital currencies, and for other purposes.”

After presentation, the project was referred to the Financial Services Committee and the Budgets Committee.

A pro-cryptocurrency politician

Budd is a known supporter of cryptocurrencies and blockchain in Congress. In 2019, he called for more clarity in national cryptocurrency tax laws. He also put into circulation several bills to improve regulatory standards in the US industry.

While anti-money laundering and counter terrorist financing continues to be a major topic for discussion of cryptocurrencies for several government agencies, digital currency forensics data points to limited adoption of such payment units by terrorist organizations. In May 2020, Chainalysis, a company dealing with the blockchain market, refuted, for example, the fact that ISIS has about $ 300 million in Bitcoin.

On the other hand, there have also been reports that the US Department of Justice has reportedly acquired cryptocurrency funds purportedly owned by ISIS and Al-Qaeda. In June 2020, there were also reports that ISIS-related media platforms were collecting donations in Monero.

Meanwhile, Chainalysis released a report stating that some participants in the recent US Capitol riots had received large donations in Bitcoin from a French computer programmer a month before the incident. According to a company dealing with forensics in the cryptocurrency market, the “donor” in the past also supported other such cases that related to the activities of the extreme right.

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