US House of Representatives Passes Bill 6069
The United States House of Representatives has unanimously passed a bill designed to prevent the illicit use of cryptocurrencies. The bill was passed in response to the United States Secret Service asking Congress for assistance stopping these activities.
As reported by News.Bitcoin.com, the US House of Representatives passed Bill HR 6069 on Wednesday. The bill is called 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.
How does the bill propose combating the illicit use of cryptocurrencies? According to the Republican Policy Committee website, the bill would require the Government Accountability Office (GAO) to carry out a study on how cryptocurrencies and online marketplaces are used to facilitate illicit activity.
The bill specifically mentions the sale or financing of “goods or services associated with six trafficking or drug trafficking.”
The GAO study would explore how to combat the use of cryptocurrencies for such illicit activities.
Rep. Keith Rothfus explained in a statement:
“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.”
“This bipartisan legislation will help the government expose new criminal methods to move illicit funds, and provide ways to stop them.”
The bill specifically mentions cryptocurrencies like “bitcoin, dash, zcash, and monero”. It also mentions that all of these cryptocurrencies can be used for legal purchases. However, the bill also links all these cryptocurrencies to the rise of illicit activity on the dark web.
America is currently dealing with an opioid crisis, and reports suggest that cryptocurrencies are facilitating that crisis. 10% of drug users in America purchase their drugs from the dark web. Cryptocurrencies are used to buy drugs like the opioid fentanyl on the dark web every day.
Ultimately, the bill doesn’t take any specific action against cryptocurrencies, nor does it introduce any regulations or restrictions. Instead, the bill just requires the Government Accountability Office (GAO) to carry out a study and produce a report on how cryptocurrencies are used on the dark web and how law enforcement can prevent this activity.
The US Department of Justice Seizes $20 Million of Cryptocurrencies from Dark Web Users
Meanwhile, as this bill was being discussed in the House, the US Department of Justice announced on Tuesday that it had arrested more than 35 people as part of a nationwide sting operation. These people were caught selling illicit goods online over the dark web.
The Department of Justice seized 2,000 BTC along with other cryptocurrencies as part of the crackdown. The seized cryptocurrencies are worth over $20 million.
Does the United States government have altruistic goals in mind when they announce a crackdown on cryptocurrencies? Or are they doing this exclusively for tax purposes? Will cryptocurrency prices plummet if they can no longer be used on the dark web? Stay tuned for more information as crypto-related regulation continues to make its way through the government.