U.S. House Passes Crypto Illicit Finance Bill That's Likely to be Rebuffed in Senate

The U.S. House of Representatives approved legislation to establish a working group to examine how to prevent bad actors from using digital assets, though it may not advance without a Senate counterpart.

The bill, sponsored by Rep. Zach Nunn, aims to create a temporary working group under the Treasury Department to study digital asset use in terrorism and money laundering, including members from blockchain intelligence firms.

Rep. Zach Nunn emphasized the importance of the legislation in enhancing national security, safeguarding digital assets, and promoting the development of financial technologies within the U.S.

Jaret Seiberg, a TD Cowen analyst, viewed the bill as more of a political move, especially in response to concerns over money laundering in the crypto industry.

Read at Coindesk