US Congress Effort to Open Cryptocurrency Task Force Gets Suspensed in House Resolution 5036 Proposal

U. S. Lawmakers Defeat Crypto Task Force Proposal

A recent effort from the U. S. Congress to launch a task force for the investigation of crimes related to cryptocurrencies has been suspended after it lost support. The House Resolution 5036 hoped to create an “Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing”, which would look at the potential of people using cryptos for crimes, has been defeated.

The proposal was an upgrade from a bill introduced by Ted Budd earlier in 2018. Basically, like this earlier version of the bill, the new version would have brought together the federal law enforcement with politic leaders and give them a year to assess just how cryptocurrencies could be used in crimes.

This task force would have to brief the government from time to time and to propose actions that could prevent that cryptos are used for crimes. Another idea from the bill was to provide rewards for people who could provide information that lead to the conviction of malicious actors using cryptos to fund terrorist activities.

Unlike some prior versions of the bill, however, the 5036 version specifically added new provisions for preventing foreign actors from evading sanctions.

However, as the bill was defeated, no task force should be assembled to take care of these cases and only the authorities that already active (like the FBI, CIA and IRS) will continue to police the crypto space for crimes.

“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.”

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