Introduced by Nevada Senator Catherine Cortez Masto and Iowa Senator Charles Grassley on August 2, the “Cyber ​​Crime Anti-Money Laundering Act of 2024” stands out as a comprehensive response to increasing criminal activities in the cryptocurrency world.

The bill would expand the Secret Service’s authority to investigate cryptocurrency transactions by unlicensed money transfer businesses and potential fraud against U.S. financial institutions.

Introducing the legislation, Senator Charles Grassley said stronger threat assessments were needed to catch “malicious financial enterprises that facilitate money laundering schemes.”

“Placing financial activities on the radar of federal law enforcement will increase our capacity to predict and prevent crimes,” Grassley said, emphasizing the importance of preventing such crimes.

The bill states that crimes, especially those committed through digital assets, pose serious threats to national security and safety.

Senator Catherine Cortez Masto emphasized the impact of digital assets on criminal financing and said, “Criminal activities carried out through digital assets pose a direct threat to the security and safety of our nation.”

Blockchain forensic analysis firm Chainalysis states that illegal addresses laundered a total of $22.2 billion worth of crypto money in 2023. Although this amount represents a decrease of approximately 30% from $ 31.5 billion in 2022, it is still considered a large figure. Although this decrease shows that cryptocurrency crimes are decreasing, it still remains a significant problem.

The US Treasury Department emphasized in February that cash, not cryptocurrency, was the main money laundering method for criminals. This situation reveals how widely crypto money is used in money laundering activities and the inadequacy of existing measures.

Still, the U.S. Treasury Department, Department of Justice, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) have taken various steps to prevent cryptocurrency crimes in recent years. The efforts of these institutions have made a significant contribution to reducing crimes and strengthening regulations in the cryptocurrency market.

The Secret Service is primarily tasked with protecting the US president, vice president and other important individuals, while also investigating crimes against the US financial infrastructure.

However, the failure to prevent the assassination attempt against Republican candidate Donald Trump in July raised questions about the powers and effective work of the Secret Service. This incident highlights the need for the agency to have a broader security and crime investigation capacity.

In addition to these developments, the US House of Representatives approved the Financial Technology Protection Act on July 23. This law aims to prevent illegal cryptocurrency activities and protect consumer choice.

The law aims to strengthen regulations in the cryptocurrency market, ensuring that consumers and the financial system operate in a safer environment. These steps constitute a comprehensive response to the security and regulatory issues faced in the cryptocurrency industry.