US Congress Proposes Study on Crypto Use in Sex and Drug Trafficking
The US House of Representatives Financial Services Committee has proposed a bill commissioning a study on illicit cryptocurrency usage in sex and drug trafficking.
In a memo posted by the House Financial Services Committee on June 11, representative Juan Vargas (D-CA) introduced the “Fight Illicit Networks and Detect Trafficking” or the “FIND Trafficking Act” to Congress on June 12.
According to the memo, the FIND Trafficking act would “require the Comptroller General of the United States to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking.”
The bill would require the Comptroller General, a position currently occupied by Eugene Louis Dodaro, to conduct the study and then present his findings to the House Committee on Banking, Housing, and Urban Affairs and the Committee on Financial Services. The Comptroller General is also mandated to produce “recommendations for legislative or regulatory action” that would help law enforcement combat drug and sex trafficking facilitated by digital currencies.
House debates on cryptocurrency have revealed that many members have widely divergent views, with some encouraging policy that fosters crypto business development while others claim that crypto is a “fixed, fraudulent gambling scheme with no social benefit.”