Suggested US Bill undertakes crypto in sex trafficking study
An official study of how cryptocurrencies are used in sex trafficking cases has been proposed this week by the US House of Representatives Financial Services Committee. If the bill passes and is signed into law, the Comptroller General must investigate how the crypto market plays into buying, selling or facilitating the funding of goods and services related to sex trafficking and illegal drug trades.
The “Fight Illicit Networks and Detect (FIND) Trafficking Act” aims to better Federal agencies’ attempts at hindering the use of cryptocurrencies in illegal drug and sex rings. After the passing of the bill, the Comptroller General is expected to submit a report to the Committee on Banking, Housing, and Urban Affairs and the Committee on Financial Services. This report should “summarize[s] the result of the study and include recommendations for legislative or regulatory action that would improve the efforts of Federal agencies to impede the use of virtual currencies and online marketplaces in facilitating sex and drug trafficking.”
Constituents of both the Committee on Financial Services and Congress have openly expressed their negative opinions of the world of crypto stating everything from crypto “helps terrorists and criminals move money around the world” to they “facilitate radical campaigns of abuse, harassment and/or violence against Americans.”
On the other hand, there are members of Congress that see the positives of crypto, including Senator Mark Warner who believes that “blockchain has the potential to be just as transformation as cell phones,” and now member of the Congressional Blockchain Caucus, Tom Emmer who rallies for federal agencies to create adapted order for the crypto and blockchain world.
Executive editor： Sarah