According to the New Bill in the US Congress, Federal Regulators Should Study the Problem of Using Cryptocurrency for Sex Trafficking
The Financial Services Committee of the US House of Representatives introduced a bill on the study of the use of cryptocurrency in human trafficking. According to the bill, the US Comptroller General should analyze how “virtual currencies and online markets are used to purchase, sell or facilitate the financing of goods or services related to sex trafficking.” Also, in accordance with the documents, a study will be conducted on the cryptocurrency in the drug trade.
On June 12, Juan Vargas presented a draft law he developed, entitled “Combating illegal networks and identifying the facts of trafficking in persons.” According to this document, federal agencies should strengthen the control of the cryptocurrency and stop its use in sex and drugs trafficking.
If the bill is adopted, exactly one year later, the Comptroller General will have to draw up a report on the work is done and provide it to the Committee on Banking, Housing and Urban Affairs and the Committee on Financial Services. On the basis of the report, subsequent amendments to the legislation will be made.
It is worth noting that the Congress has repeatedly been skeptical about the distribution and use of the capital. The representative of California extremely negatively spoke on this issue, noting:
“[Cryptocurrency] help terrorists and criminals move money around the world… They help startup companies commit fraud, take the money, and one percent of the time they actually create a useful business.”
Emanuel Cleaver supported his Californian counterpart, saying that Bitcoin could be actively used for various kinds of illegal activities, including terrorism. Roger Williams also spoke on this issue, saying that the cryptocurrencies do not meet the existing standards, which are unlikely to be changed.
It is worth noting that not all representatives of the Congress are negative about the issues of the cryptocurrency. For example, Tom Emmer, a member of Blockchain Caucus, is confident that the United States should promote the development and spread of innovation such as cryptocurrency. This view was supported by Senator Mark Warren, who is confident that Bitcoin has great potential.
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