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

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, The U.S. House of Representatives has passed Bill H.R. 6069, known as the “Fight Illicit Networks and Detect Trafficking Act. After the passage of the bill, Vargas commented that “this bill is an important first step in helping Congress understand the full extent of how virtual currencies are being used to facilitate drug and sex trafficking and will help us propose effective legislative solutions to fight these crimes. I hope to see the same level of support for this legislation in the Senate.”According to the notice, “Nearly 2,000 bitcoins and other cryptocurrencies, with an approximate value of more than $20 million” were seized.What do you think of the US government’s efforts to crack down on crypto use?