US House Passes Bill to Create Working Group on Crypto Use in Terrorism and Money Laundering

The U.S. House of Representatives has passed a bill to establish a government working group to investigate the use of digital assets in terrorism and money laundering. However, the legislation is not expected to progress without a Senate counterpart. Meanwhile, industry representatives have urged Vice President Kamala Harris to embrace cryptocurrency as a presidential candidate. Despite the bipartisan progress for sector-friendly legislation in the House, the Senate has yet to match the House's support for crypto. The bill would establish a temporary working group under the Treasury Department to make recommendations on how to address the use of digital assets in terrorism and money laundering.