Senators Propose Bill to Enhance Secret Service’s Role in Digital Asset Crimes

U.S. senators are pushing for new legislation to expand the Secret Service’s role in tackling crimes involving digital assets.

The proposed Combating Money Laundering in Cybercrime Act of 2024 aims to empower the Secret Service to investigate and prosecute illegal activities related to cryptocurrencies.

Introduced by Senators Amy Klobuchar, Chuck Grassley, and Catherine Cortez Masto, the bill seeks to give the Secret Service broader authority over financial fraud, illicit money transfers, and other crimes involving digital currencies. This move comes in response to rising concerns about the misuse of cryptocurrencies for illegal funding.

The proposed law mandates the creation of a Government Accountability Report within a year to evaluate the effectiveness of current anti-money laundering efforts. This report would help assess how well law enforcement is handling digital asset crimes.

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The initiative reflects ongoing efforts to adapt regulations to the growing influence of digital currencies. Senator Masto’s previous attempt to address cryptocurrency regulations aimed at closing legal loopholes, and this new bill builds on that foundation.

While illegal cryptocurrency transactions totaled over $22 billion in 2023, down from previous years, cash remains the predominant tool for money laundering. Despite this, U.S. agencies continue to strengthen their fight against crypto-related crimes.

Alexander Stefanov