US Representative Ted Budd Sponsors New Piece Of Legislation To Create Task Force On Combating Terrorist Financing Via Cryptocurrencies
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US Representative Ted Budd Sponsors New Piece Of Legislation To Create Task Force On Combating Terrorist Financing Via Cryptocurrencies
January 16, 2021
US Representative Ted Budd Sponsors New Piece Of Legislation To Create Task Force On Combating Terrorist Financing Via Cryptocurrencies
News
US Representative Ted Budd Sponsors New Piece Of Legislation To Create Task Force On Combating Terrorist Financing Via Cryptocurrencies
January 16, 2021

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.

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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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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.