Legislation that would create a task force to look into cryptocurrencies and whether they are being used to fund criminal activities or terrorism is moving along in Congress.

House Resolution 5036, a bill to establish the “Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing,” was referred to the House of Representatives Wednesday for consideration.

CoinDesk reported that the bill appears to be an upgrade of an earlier one introduced this year by Rep. Ted Budd of North Carolina. The publication says public records show the bill was passed by the House with a “motion to reconsider laid on the table” being “agreed to without objection.” A spokesperson for Budd’s office told CoinDesk the bill will now proceed to the Senate.

Congressional supporters of the bill aren’t the only ones in government who want to find out who is using digital money illicitly. Several government agencies have been paying third parties to track U.S. cryptocurrency users on their own. Read more here.

ThirtyK Staff
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