The US Secret Service is asking for more power to go after criminals who use cryptocurrencies. A new bill, called the Combating Money Laundering in Cyber Crime Act, would give them the authority to investigate crimes involving digital assets.
Why the Change?
The Secret Service already protects the President and other important people, but they also work to keep our financial system safe. They say criminals are using crypto to hide their money, and they need the legal tools to catch them.
What’s in the Bill?
The bill aims to update current laws that are outdated for the digital age. It would allow the Secret Service to investigate crimes committed by businesses that aren’t licensed to deal with money. This means they could go after crypto exchanges and other companies that aren’t regulated in the same way as traditional banks.
Similar Bills in the House
The bill is getting support from both Democrats and Republicans. A similar bill is being proposed in the House of Representatives.
Crypto Industry Concerns
Last year, another bill called the Digital Asset Anti-Money Laundering Act was introduced. This bill was criticized by the crypto industry because it could make it harder to use cryptocurrencies. It’s unclear how the new bill will be received by the crypto community.
What’s Next?
It’s still early days for these bills. They need to be passed by both the House and Senate before they become law. It’s unclear how much support they will get, but it’s clear that the government is taking a closer look at cryptocurrencies and how they are being used.
