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The Congress Passes Bill To Monitor The Effect Of Cryptocurrencies On Illicit Sex and Drug Trafficking

The U.S. Congress has passed a bill that enables the study of the role of cryptocurrency and online marketplaces in the promotion of sex and drug trafficking. The new bill is known as “the Fight Illicit Networks and Detect (FIND) Trafficking Act of 2019 (H.R. 502)” was passed on the 28th of January.

Bill To Probe Crypto Role In Promoting Sex and Drug Trafficking

The new bill which was sponsored by Representative, Juan Vargas, D-Calif., and first introduced in June of last year is a bipartisan bill. This bill is aimed at studying the relationship of crypto in the growth of illicit sex and drug trafficking in the country.
The bill H.R. 502 saddles the Comptroller General of the U.S. to research how cryptocurrency and online marketplaces are indirectly or directly influencing sex or drug trafficking. The report of the findings and recommendations are to be made on legislative and regulatory actions that would counter the illicit trend.
Vergas appeal to the house in sponsoring the bill stated that if an effective regulatory and legislative solution is to be crafted to combat these transnational criminal organization, there is a need for a full study and analysis of how virtual currencies and online marketplace aid sex and drug trafficking. He noted that this would determine how best to eliminate their use.
Further, Vergas also stated that even though evidence indicates the growth of virtual currencies as a payment method for illicit sex and drug trafficking, the true scope of the problem and its nature are still unknown.
After the investigation is done, the Comptroller General will present the recommendations and the report to the Committee on Banking, Housing, and Urban Affairs and the Committee on Financial Services as indicated by a memorandum.

Bill Against Nefarious Use of Cryptocurrency

The lawmakers also agreed by voice vote to pass a bill, H.R. 56 alongside H.R. 502. The H.R. 56 bill is meant to create a grant fund for programs and ideas that pursue prevention of nefarious use of cryptocurrencies. This will also facilitate the creation of an interagency task force that will be headed by the secretary of the Treasury to investigate the use of new financial technologies in illicit context.
Illicit use of cryptocurrency has become prevalent since it continues to gain wide acceptance. However, mainstream adoption that the crypto market awaits will continue pending until appropriate regulations are provided in the crypto space.

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