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Two U.S. Senators have introduced a bill designed to enhance the Secret Service’s ability to tackle cryptocurrency-related crimes. The proposed legislation aims to grant the agency more authority and resources to investigate and prosecute offenses involving digital currencies.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9f9f8cf9e72f4222a115bec9523ed92e.png" />This move reflects a growing recognition of the need for specialized law enforcement capabilities in the rapidly evolving world of cryptocurrency.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7e0b839098f141c7b415e688efa3fd83.png" /><h3 id="strong-new-bill-aims-to-strengthen-secret-service-s-role-in-combatting-crypto-crime-strong">New Bill Aims to Strengthen Secret Service’s Role in Combatting Crypto Crime</h3>On August 2, Senators Catherine Cortez Masto of Nevada and Charles Grassley of Iowa introduced the “Combatting Money Laundering in Cyber Crime Act of 2024.” This proposed legislation seeks to enhance the Secret Service’s capabilities to investigate cryptocurrency transactions related to unlicensed money transmitting businesses and potential frauds targeting U.S. financial institutions.Senator Cortez Masto emphasized the importance of the <a href="https://www.cortezmasto.senate.gov/wp-content/uploads/2024/08/Secret-Service.pdf" rel="noopener noreferrer nofollow">bill</a>, noting that the use of digital assets to fund criminal activity poses a significant threat to national security and safety. She highlighted that this bipartisan and bicameral bill would improve the Secret <a href="https://cryptosheadlines.com/blackrock-partners-with-jio-for-digital-asset-services-ft/" rel="noopener noreferrer nofollow">Service’s ability to investigate emerging financial crimes involving digital assets</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/3d7ea14cef724aeea6bff473b0996580.png" />Senator Cortez Masto Tweet_Source: <a href="https://x.com/SenCortezMasto/status/1819913645981122603" rel="noopener noreferrer nofollow">X</a>Senator Grassley <a href="https://cryptosheadlines.com/montana-enacts-right-to-mine-bill-supporting-crypto-mining/" rel="noopener noreferrer nofollow">supported the bill</a>, calling for more robust threat assessments to identify and address illicit financial enterprises engaged in money laundering. He believes that elevating financial activities to federal <a href="https://cryptosheadlines.com/binance-teams-up-with-macao-police-to-boost-law-enforcement/" rel="noopener noreferrer nofollow">law enforcement’s</a> radar will enhance the ability to prevent and anticipate crimes.According to blockchain forensics firm Chainalysis, illicit addresses laundered $22.2 billion in cryptocurrencies in 2023. Although this figure represents a substantial amount, it marks a nearly 30% decrease from $31.5 billion in 2022.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7e0b839098f141c7b415e688efa3fd83.png" /><h3 id="us-targets-crypto-crime-despite-cash-leading-money-laundering">US Targets Crypto Crime Despite Cash Leading Money Laundering</h3>In February, the US Treasury reported that cash remains the primary method of money laundering in the US, rather than cryptocurrency. Despite this, several US agencies, including the Treasury, Department of Justice, Securities and Exchange Commission, and Commodity Futures Trading Commission, have actively worked to combat cryptocurrency-related crimes in recent years.The Secret Service, traditionally focused on protecting high-profile individuals such as the President and Vice President, also investigates crimes affecting the US financial infrastructure. However, its competence was questioned in July when it failed to prevent an assassination attempt on Republican candidate <a href="https://cryptosheadlines.com/donald-trump-voices-opposition-to-cbdc-in-latest-campaign-speech/" rel="noopener noreferrer nofollow">Donald Trump</a>.<a href="https://cryptosheadlines.com/21shares-teams-up-with-chainlink-to-enhance-ethereum-etf-transparency/" rel="noopener noreferrer nofollow">Also Read: 21Shares Teams Up with Chainlink to Enhance Ethereum ETF Transparency</a>Additionally, on July 23, the US House of Representatives passed the Financial Technology Protection <a href="https://cryptosheadlines.com/nigeria-implements-10-crypto-tax-as-president-approves-finance-act/" rel="noopener noreferrer nofollow">Act</a>. This legislation aims to curb illicit cryptocurrency activities while also preserving consumer choice.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2bad49e65f374dafb9befa726d331fb3.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Bill to Boost Secret Service’s Power to Tackle Crypto Crime

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