Should the Feds Assess the Threat Posed by Terrorists Using Virtual Currency to Finance Operations? (H.R. 428)
Do you support or oppose this bill?
What is H.R. 428?
(Updated August 25, 2021)
This bill would direct the Dept. of Homeland Security’s Office of Intelligence and Analysis to produce a threat assessment related to individuals using virtual currency (like Bitcoin) to carry out an act of terrorism or provide material support to a foreign terrorist organization. The office would coordinate with appropriate federal partners and share the assessment with state, local, and tribal law enforcement officials.
Argument in favor
Virtual currencies are growing in popularity and could be abused by terrorists using the money to finance operations. The Dept. of Homeland Security should carry out an assessment to better understand and monitor the threat.
Argument opposed
There’s not a lot of evidence to suggest that terrorist organizations are using virtual currencies like Bitcoin to finance their operations. The feds should wait until it becomes a problem before assessing the threat.
Impact
The Dept. of Homeland Security.
Cost of H.R. 428
A CBO cost estimate is unavailable.
Additional Info
In-Depth: Sponsoring Rep. Kathleen Rice (D-NY) reintroduced this bill from the 115th Congress to require the Dept. of Homeland Security to carry out a threat assessment of terror groups using virtual currencies to finance their operations. When she originally introduced this bill in 2017, Rep. Rice said:
“Last week’s unprecedented ransomware attack demonstrated how rapidly cyber-threats are evolving and how urgently governments and private companies must evolve to protect themselves. Research suggests that terrorists’ use of virtual currencies has been limited so far, but with groups like ISIS becoming more technologically sophisticated and virtual currencies becoming more accessible, the table is set for this threat to grow significantly in a very short time. We need to confront this threat immediately, and the first step is to fully assess and understand it.”
There's one cosponsor of this bill in the current Congress, Rep. Peter King (R-NY). In the last Congress, this bill passed the House by voice vote with there support of one cosponsor, Rep. Derek Kilmer (D-WA).
Media:
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Sponsoring Rep. Kathleen Rice (D-NY) Press Release (115th Congress)
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Bitcoin.com
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ETHNews
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Motherboard - Vice
Summary by Eric Revell
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