Should the Feds Assess the Threat Posed by Terrorists Using Virtual Currency to Finance Operations? (H.R. 2433)
Do you support or oppose this bill?
What is H.R. 2433?
(Updated December 7, 2019)
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. 2433
A CBO cost estimate is unavailable.
Additional Info
In-Depth: Sponsoring Rep. Kathleen Rice (D-NY) introduced this bill to require the Dept. of Homeland Security to carry out a threat assessment of terror groups using virtual currencies to finance their operations:
“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.”
This legislation passed the House Homeland Security Committee on a voice vote, and has the support of one cosponsor -- Rep. Derek Kilmer (D-WA).
Media:
Summary by Eric Revell
(Photo Credit: skodonnell / iStock)The Latest
-
IT: 🛢️ New Vermont measure could charge Big Oil for climate damages, and... Do you think Trump is guilty?Welcome to Friday, May 10th, friends... Vermont could be one of the first states to hold Big Oil accountable for the damages read more...
-
Stormy Daniels Takes the Stand in Trump Hush Money TrialUpdated May 9, 2024, 5:00 p.m. EST Adult film star Stormy Daniels, also known as Stephanie Clifford, spent two days on the stand read more... Law Enforcement
-
Vermont Measure to Charge Big Oil for Climate DamagesWhat’s the story? Vermont is expected to become one of the first states to hold Big Oil accountable for the damages caused by read more... Environment
-
IT: Trump's 2016 'deny, deny, deny' campaign strategy, and... How can you help the civilians of Ukraine?Welcome to Wednesday, May 8th, weekenders... As Trump's hush money trial enters it's third week, the 2016 campaign strategy of read more...