US Representative Ted Budd Sponsors New Piece Of Legislation To Create Task Force On Combating Terro

Ted Budd (R-NC), the US Representative, has sponsored a new piece of legislation to create a task force on combating terrorist financing via cryptocurrencies.

It has been reported that the bill “H.R. 296” is co-sponsored by Reps. Warren Davidson (R-OH), Stephen Lynch (D-MA), Byron Donalds (R-FL), and Darren Soto (D-FL) and was introduced on Wednesday.

However, apart from creating the task force, the bill also seeks to:

“Provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a Fintech Leadership in Innovation and Financial Intelligence Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.”

The report said that after the introduction, the bill was referred to the Committee on Financial Services and the Committee on the Budget for preliminary deliberations.

Rep. Budd is a known supporter of crypto and blockchain in Congress. In 2019, Rep. Budd championed the call for greater clarity in the country’s crypto tax laws.

After the recent violence in the Capitol, the US House introduced a bill to track terrorists financed with cryptocurrency. Digital forensics data has shown that crypto’s adoption by these groups has so far been limited. https://t.co/14CQ2rpRIj — Cointelegraph (@Cointelegraph) January 15, 2021

Thus, he also introduced a couple of bills to the house aimed at improving the regulatory standard of the industry in the US.

Source: Cointelegraph

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