Senators introduce new cryptocurrency legislation to combat illicit finance in the cryptocurrency industry

US Senators Cynthia Lummis (R-WY) and Bill Hagerty (R-TN) introduced a new bill on Wednesday to combat illicit finance in the cryptocurrency industry.

Disrupt bad actors

Known as the Preventing Illicit Finance Through Partnership Act of 2024, the bill aims to coordinate efforts between federal agencies and private companies in hopes of combating illicit financial activity.

“Federal law enforcement already has the tools to combat illicit finance – they just need to communicate with the private sector to use them most effectively” said Senator Hagerty. “By promoting collaboration and information sharing, this bill will ensure that all involved parties work together to detect and thwart bad actors.”

How does it work

If passed, the Preventing Illicit Finance Through Partnership Act of 2024 would establish a pilot program chaired by the Attorney General and comprised of 20 money services organizations. The program would then allow federal agencies to share possible cases of illicit financing detected with the private sector entity in question and vice versa.

According to a recent press release from Senator Hagerty’s office, the bill would therefore provide “private companies a channel to alert federal agencies about any suspicious money transfers and sanctions evasion.”

“There are bad actors in every industry, and crypto assets are no exception, but make no mistake: cryptocurrencies themselves are not the problem,” said Senator Lummis. “The Preventing Illicit Finance Through Partnership Act will allow federal regulators to work with the private sector to gain insights into the often-misunderstood world of cryptocurrencies to weed out bad actors without crushing an entire emerging industry.”

A collaborative solution

The Preventing Illicit Finance Through Partnership Act of 2024 is just one of several cryptocurrency-related laws introduced last year. In particular, Senator Elizabeth Warren managed to gain support for her Digital Assets Anti-Money Laundering Act, which would impose rigorous compliance requirements on key players across the crypto space.

“While I believe federal regulators should have the tools they need to combat illicit finance and thwart bad actors, I have significant concerns about the likely impact of this legislation,” Sen. Thom Tillis (R-NC) wrote in a letter expressing concern his opposition.

However, Lummis and Hagerty’s bill can be seen as a collaborative approach to solving the problems plaguing the cryptocurrency industry.

“This public-private partnership will help inform regulators about cryptocurrency use cases and pave the way for establishing federal rules that will keep the industry in America and solidify cryptocurrency’s role as the next frontier of financial innovation,” concluded Lummis.

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