U.S. Congress passed a bill to require study of crypto role in sex and drug trafficking
In a further regulatory move towards cryptocurrencies, January 28th U.S. Congress has passed a new bill, known as H.R.502 – FIND Trafficking Act. The abbreviation “FIND” comes from Fight Illicit Networks and Detect (FIND) Trafficking Act of 2019.
Sponsored by Californian Democrat Juan Vargas, the bill was first introduced in June of this year, and was passed yesterday in Congress almost unanimously, on a vote 412-13.
According to the bill, U.S. Comptroller General will be required to investigate how cryptocurrencies in combination with online marketplaces may “(in)directly enable sex or drug trafficking.” Furthermore, upon this investigation, the Comptroller has to recommend regulatory and legislative actions that would impede such use.
As pointed in the official press release published by the office of Rep. Vargas, based on these findings the Congress will start working on the legislative solutions to prevent illicit use of virtual currencies to prevent crimes and illegal drug sales. Upon Comptroller’s investigation is complete, the findings will be presented to the Committee on Banking, Housing, and Urban Affairs and the Committee on Financial Services for further legislative actions.
Additionally to H.R. 502, another crypto-related bill, H.R. 56, was passed alongside by the Congress. The bill will establish the creation of the grant fund for programs and ideas aimed at preventing the use of cryptocurrencies in illegal activities. Additionally, according to the bill, an interagency task force will be created for the investigation of cryptocurrencies used in criminal activities.