Senators propose bill to curb crypto misuse via public-private teamwork.

Ritu77

U.S. Senators Bill Hagerty and Cynthia Lummis introduced the "2024 Partnership to Prevent Illicit Financing Act" on Wednesday. According to the text of the bill, it aims to "establish an information-sharing pilot program to combat the illicit use of crypto assets." The legislation seeks to address illicit finance by enhancing communication between federal law enforcement agencies and private companies. The announcement provides some details about the 2024 Partnership to Prevent Illicit Financing pilot program, stating that the program will be overseen by the Attorney General and composed of 20 voluntary participants from money services businesses and cryptocurrency companies. Senator Lummis emphasized that every industry has bad actors, and crypto assets are no exception, but emphasized that cryptocurrency itself is not the problem.

Samiksha

The key is how to define the illegal use of crypto assets.

Ritu13

This bill is something worth looking into.

Yamini003

What is said makes a lot of sense.

Jiten171

Illegal use of cryptocurrencies needs to be combated.