Blockchain Usage Bill Passed to Improve Law Enforcement
On September 19th, Congress passed a bill that would allow the Financial Crimes Enforcement Network (FinCEN) to study how blockchain technology could be adapted to help law enforcement solve crimes. The Senate received the bill on Sept. 23, and referred it to the Committee on Banking, Housing and Urban Affairs.
The bill states that:
“The Director of the Financial Crimes Enforcement Network (“FinCEN”) shall carry out a study on whether AI, digital identity technologies, blockchain technologies, and other innovative technologies can be further leveraged to make FinCEN’s data analysis more efficient and effective.”
If passed, this bill could seriously help law enforcement solve financial crimes as blockchain technology is advanced in its field. Anthony Gonzalez, a member of the House Financial Services Committee said that:
“My bill makes sure that we are using the best technology we have available to find and stop the money laundering that makes all these crimes not only possible, but financially profitable for cartels, traffickers, and terrorists.”
FinCEN Director Kenneth Blanco said the following at a recent program for Corporate Compliance and Enforcement:
“To us, there is no question that the technology in this virtual currency sector has the potential to fundamentally change traditional payment systems, the way we do business, and people’s everyday lives. Innovation in financial services is a great thing, from ATMs and online banking to more, recent automated services and mobile payment applications. We support and encourage innovation, but it must be responsible innovation.”
According to Gerard Daché, executive director at the Government Blockchain Association, this bill long overdue as they aim to promote blockchain technology solutions to government parties. Daché stated that bad actors are always one step ahead of the government in terms of their blockchain tools, therefore a solution to the problem needs to happen, fast.
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