The Secret Service Could Get More Involved With Crypto Going Forward

A new bipartisan bill, the Combating Money Laundering in Cybercrime Act of 2024, seeks to expand the authority of the United States Secret Service in terms of investigating and prosecuting digital asset crimes.

Preventing Crimes

Introduced by Senators Amy Klobuchar, Chuck Grassley, and Catherine Cortez Masto, this legislation aims to address the growing threat of illegal activities involving cryptocurrencies by enhancing the role of the Secret Service in combating financial crimes.

The bill proposes that the Secret Service gain more power to tackle issues such as financial fraud and unlicensed money transmission related to digital assets. It also requires a Government Accountability Report to evaluate the effectiveness of the law enforcement in detecting and preventing money laundering.

Collaboration Is Key

The rise of cryptocurrencies has created new challenges for law enforcement, prompting this bill to strengthen regulatory measures. It acknowledges the need for better threat assessments and collaboration between agencies to address digital currency crimes effectively.

With bipartisan support, the bill represents a key step in improving the U.S. response to digital asset-related crimes and enhancing national security. It also highlights the importance of ongoing collaboration between government agencies and lawmakers to tackle issues in the digital currency market.