After the US Secret Services request for help in putting a stop to illegal activities involving cryptos, The US House of Representatives has unanimously supported a new Bill to prevent the illegal use of cryptos, named the Fight Illicit Networks and Detect Trafficking Act.
Despite all the good that cryptocurrencies and blockchain technology are bringing to the modern world, there are still illegal uses of the digital coins. According to reports, the new Bill was passed by the US House of Representatives that will help with combating the issue. The Bill HR 6069 was passed last Wednesday in response to US Secret Service’s appeal for legislation.
According to the statement given by Juan Vargas, the Representative of California, the Bill introduced by him and another Representative, Keith Rothfus, was passed unanimously.
How will the Bill combat the illegal use of cryptos?
The website belonging to the Republican Policy Committee states that this bill will need GAO (Government Accountability Office) to deeply study the use of cryptos so that the illegal elements could be precisely determined.
One of the biggest problems that the Bill will address include drug and sex trafficking and the purchase of illegal services and goods. When the GAO study is complete, the new ways of combating these issues will be laid out in detail.
It is anticipated that the legislation will facilitate the government in finding methods of dealing with and detecting the movement of funds used for illicit activities. The most critical cryptos that the Bill mentioned by name are Bitcoin, ZCash, Dash, and Monero. The Bill acknowledges that these cryptos can be used legally, but its concern remains their links to illegal activities on the dark web.
$20 million in cryptos seized from dark web users by US Department of Justice
Another development has seen over 35 arrests as a result of a nationwide sting operation by the US Department of Justice, according to this Tuesday’s report. The Department seized over $20 million in Bitcoin and altcoins. The seized money came from those caught selling illegal merchandise and offering illegal services on the dark web.
An important question is what will happen to crypto prices if their use is eliminated on the dark web. So far, it is all a matter of speculation, and for definitive answers, all we can do is wait and see what will happen.