US SENATE Calls For Bill Hearing For Crypto Terror Threat Assessment
Feb 12, 2018 Posted / 3597 Views
The building up interest of cryptocurrencies among people has resulted in tons of investment. From individuals to organizations, from speculators to investors, all of them want to sail in the same boat and from the demand, it cannot be forecasted that virtual coins are here for short span of time. The rising talks have also grabbed the attention of United State Congress.
Due to the pseudonym and end-to-end encryption feature, the transactions cannot be tracked which makes them private and secured. This form of platform can be used for Financial illegal activities. A bill named HR2433 was submitted in this concern in May 2017 by Kathleen Rice (D-NY) and Derek Kilmer (D-WA) to discuss possible threats due to virtual tokens. The bill involved Department of Homeland Security and other federal departments. As per sources, the bill was passed in the month of September by the Senate.
The bill passed for Department of Homeland security focuses on research and analysis conducted by the department based on the possible threats such as an act of terrorism and transfer of funds to foreign terrorist organizations. After completion of its research, the DHS will share its reports at national, state and local levels to further fame regulations.
In a CCN report, it has been suspected that terror network ISIS was conducting its funding activities through Bitcoins. In 2017, a Pakistan-born US resident, Zombie Shahnaz was caught in an attempt to board a flight bound for Pakistan. Some wireless transactions to vague entities were accounted while checking her online transaction records. She was even involved in money laundering and conspiracy of bank fraud.
“These transactions were motivated to benefit ISIS, which the defendant ultimately sought to join in Syria,” - As per court documents.
Last week, the US Senate held hearings about amendments in Department of Homeland Security Authorization Act via HB2825. The changes are suggested to be made in Title III which is part of intelligence and information sharing, about threat assessment of the terrorist use of cryptocurrency.
One section similar to HR2433 was passed before which reflects absorption of the act by DHS. No further change was reported after that. From all these introductions of laws and regulations, it is clear that the state will let crypto circulate under terms and conditions only. Let's wait for further changes to be introduced for security purpose.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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