Bill Proposed to Increase the Secret Service’s Power to Stop Crypto-Related Crimes

Two U.S. Senators have introduced a bill that proposes to give the Secret Service the ability to prevent money laundering using cryptocurrencies. Charles Grassley (R-Iowa) and Catherine Cortez Masto (D-Nevada) brought the bill titled “Combatting Money Laundering in Cyber Crime Act of 2024” on August 2.

If passed, the bill would allow the Secret Service to go after criminal organizations using crypto to evade money laundering laws and commit fraud against U.S. financial institutions. Senator Cortez Masto said, “This bipartisan and bicameral bill will allow for the U.S. Secret Service to better investigate new forms of financial crime involving digital assets. I will continue to work across the aisle to protect Nevada’s communities and families.”

Senator Charles Grassley added, “Seedy financial enterprises are often behind crimes in our communities. If we want to get serious about cracking down on money laundering schemes, it’s going to take strong threat assessment capabilities.”

Criminals have used cryptocurrency and related services like mixers to obfuscate their fund flows, ultimately taking the assets to centralized exchanges to convert them to cash. These assets are associated with criminal activities like cybercrime, trafficking, the drug trade, and more.

Chainalysis’ investigations revealed that 2023 observed wallet addresses associated with illicit activity sent $22.2 billion to exchanges. However, last year saw a decrease from 2022, which observed $31.5 billion worth of crime-related funds transferred to service providers. Nevertheless, cash remains the preferred medium to launder money.

While the Secret Service plays a crucial role in protecting the U.S. President, vice president, and other individuals of political interest, it also investigates financial crimes that ruin the integrity of the U.S. financial system.

Senator Cortez Masto also mentioned, “The Secret Service plays a critical role in combatting financial crime, and our bill will ensure they can continue to keep us safe.” Other agencies like the Securities and Exchange Commission, Commodities and Futures Trading Commission, Department of Justice, and U.S. Treasury also take action against those committing financial crimes using cryptocurrency.

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