United

DeFi

Planet

<div class="intro-text">
 The US House of Representatives has approved a <a style="color: #0000ff;" href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409328" rel="noopener noreferrer nofollow">new bipartisan financial services bill</a> aimed at addressing the use of cryptocurrency for illicit activities.&nbsp;
</div>
The <a style="color: #0000ff;" href="https://www.congress.gov/bill/118th-congress/house-bill/2969" rel="noopener noreferrer nofollow">bill</a>, passed on Monday, July 22, 2024, seeks to establish a government working group to evaluate the role of cryptocurrencies in terrorism and money laundering.&nbsp;
The bill’s sponsor, Rep. Zach Nunn (R-Iowa), <a style="color: #0000ff;" href="https://nunn.house.gov/2024/07/22/nunn-bill-to-protect-americans-digital-assets-passes-house/" rel="noopener noreferrer nofollow">emphasised</a> the importance of ensuring that Americans have secure access to emerging payment technologies, stating, 
<blockquote>
 “This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans. We must do both simultaneously to ensure the long-term integrity of digital assets.”
</blockquote>
The temporary working group will be formed under the Treasury Department and include industry experts such as representatives from blockchain intelligence firms, research institutions, and fintech companies. This group will be tasked with researching cryptocurrency transactions and developing strategies to prevent their misuse by bad actors in terrorist financing and other illegal activities.
<a href="https://youtu.be/gz5BnXE6gNo?si=tl7SI2fsTdba4941" rel="noopener noreferrer nofollow">During a speech on the House floor, </a>Rep. Nunn further emphasised the critical importance of the legislation, asserting that it is essential for ensuring that 
<blockquote>
 “the next generation of financial and internet technology is developed right here in America.”
</blockquote>
Notably, the bill comes on the heels of the <a style="color: #0000ff;" href="https://defi-planet.com/2024/07/iowa-state-attorney-general-challenges-u-s-secs-authority-over-crypto-regulation-in-new-court-document/" rel="noopener noreferrer nofollow">Iowa Attorney General, Brenna Bird, filing of an amicus brief asserting that the United States Securities and Exchange Commission (SEC)</a> is overstepping its regulatory authority over the cryptocurrency sector.&nbsp;
Supported by attorneys general from Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma, the brief argues that the SEC’s actions are stifling innovation and undermining state laws vital for consumer protection. It raises constitutional concerns, citing the Major Questions Doctrine and federalism principles, and contends that regulating a vast industry like cryptocurrency requires explicit congressional authorisation, which the SEC lacks.&nbsp;
The brief also claims that the SEC’s reliance on enforcement actions instead of establishing a clear legislative framework violates the Administrative Procedure Act (APA).
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/07/us-house-of-reps-passes-bipartisan-legislation-to-combat-use-of-crypto-for-illicit-financial-activities/" rel="noopener noreferrer nofollow">US House of Reps Passes Bipartisan Legislation to Combat Use of Crypto for Illicit Financial Activities</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

US House of Reps Passes Bipartisan Legislation to Combat Use of Crypto for Illicit Financial Activities

DeFi Planet

2024년 7월 23일에 게재된 다른 기사

New Pixelverse PIXFI Launchpool starts July 24th 2024

Here’s Why Investors Are Betting Big On New GambleFi Star Rollblock; Stacks (STX) and Arbitrum (A...

Good News for FTX Creditors from Bankrupt Crypto Debt Company BlockFi! Here are the Details

99Bitcoins token prepares for IEO after raising over $2.5M

Crypto traders say Ethereum ‘undervalued,’ expect spot ETH ETF to fuel new highs

Elon Musk Shows Interest in Bitcoin and Tesla’s Actions

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!