Congress Introduces Bill That Looks to Scrutinize Crypto’s Use in Sex Trafficking
Congress Introduces Bill That Looks to Scrutinize Crypto’s Use in Sex Trafficking: Money laundering and terrorism funding are old news. Now, Congress wants numbers on how cryptocurrencies are changing how sex traffickers do business. According to the bill, “the ‘Fight Illicit Networks and Detect Trafficking’ or the ‘FIND Trafficking Act’ would require the Comptroller General of the United States to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking, and for other purposes.” If the bill were to take effect, the Comptroller General would issues a comprehensi
The U.S. House of Representatives Financial Services Committee is set to introduce a new bill that would obligate the director of the Government Accountability Office (GAO) to initiate a study regarding “how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking, and for other purposes.” That is if the proposed bill is passed and signed into law.
Based on a memorandum, which was dated June 11, 2018, Congressman Juan Vargas authored the Fight Illicit Network and Detect (FIND) Trafficking Act so as to “improve the efforts of Federal agencies to impede the use of virtual currencies and online marketplaces in facilitating sex and drug trafficking.”
ve report to Congress regarding the study’s findings in a year’s time.
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