-
A
narrow
bill
to
create
a
U.S.
working
group
to
dig
into
crypto
use
in
terrorism
and
money
laundering
passed
the
U.S.
House
of
Representatives
in
a
routine
vote. -
The
legislation
isn’t
likely
to
get
any
further
without
a
Senate
counterpart,
but
it
marks
another
congressional
approval
of
a
crypto
measure. -
While
Congress
considered
this
latest
crypto
bill,
industry
representatives
were
reaching
out
to
Vice
President
Kamala
Harris
on
Monday
and
encouraging
her
to
embrace
cryptocurrency
as
a
presidential
candidate.
The
U.S.
House
of
Representatives
has
approved
another
piece
of
cryptocurrency
legislation
with
a
routine
voice
vote,
though
the
bill
to
set
up
a
government
working
group
to
assess
how
to
keep
bad
actors
from
using
digital
assets
isn’t
likely
to
become
a
law
as-is.
The
brief
bill
sponsored
by
Rep.
Zach
Nunn
(R-Iowa)
was
among
crypto
provisions
that
had
previously
cleared
the
House
Financial
Services
Committee,
but
despite
the
bipartisan
progress
for
sector-friendly
legislation
in
the
House
–
such
as
the
Financial
Innovation
and
Technology
for
the
21st
Century
Act
(FIT21)
–
the
Senate
hasn’t
yet
matched
the
House’s
crypto
embrace.
Nunn’s
effort,
which
was
approved
unanimously
in
the
committee
last
year,
would
establish
a
temporary
working
group
under
the
Treasury
Department
to
dig
into
the
use
of
digital
assets
in
terrorism
and
money
laundering
and
make
recommendations
on
how
to
address
it.
The
group
would
include
figures
from
the
industry,
including
members
from
“blockchain
intelligence
companies.”
In
a
speech
on
the
House
floor,
Nunn
called
the
legislation
“crucial
in
strengthening
America’s
national
security,
protecting
our
digital
assets
and
ensuring
the
next
generation
of
financial
and
internet
technology
is
built
right
here
in
America.”
Jaret
Seiberg,
a
TD
Cowen
analyst,
suggested
this
bill
was
primarily
a
political
exercise.
“For
crypto
critics,
this
is
a
way
to
register
their
demands
for
money
laundering
crackdowns,”
he
said
in
a
client
note
on
Monday.
“And
for
crypto
advocates,
this
gives
them
political
cover
from
attacks
that
their
support
for
digital
assets
facilitates
money
laundering
and
criminal
activity.”
Though
crypto
has
risen
to
occupy
a
spot
as
a
prominent
political
topic
in
the
2024
presidential
contest,
the
likelihood
that
a
narrowly
divided
Congress
will
agree
on
a
long-awaited
regulatory
approach
to
the
industry
remains
thin.
To
that
end,
crypto
insiders
are
keeping
a
close
watch
on
a
few
relevant
provisions
being
considered
for
the
National
Defense
Authorization
Act
–
the
annual
bill
setting
the
nation’s
defense
priorities.
Also
on
Monday,
the
Digital
Chamber
sent
a
letter
to
Vice
President
Kamala
Harris
–
now
being
positioned
by
the
party
as
the
leading
candidate
to
take
the
place
of
President
Joe
Biden
as
the
Democratic
nominee
for
president.
The
letter
asked
Harris
to
“take
a
forward-looking
approach
on
digital
assets
and
blockchain
technology”
by
adding
a
positive
crypto
position
to
the
party’s
official
platform
and
picking
a
running
mate
“with
a
proven
track
record
of
engaging
with
digital
asset
technology
and
proposing
pro-innovation
policies.”
The
letter
echoed
a
number
of
other
prominent
industry
participants,
who
similarly
called
for
the
potential
Democratic
leader
to
take
a
more
crypto-friendly
approach.