US senators propose new bill to give Secret Service more power to combat cryptocurrency crimes

Two U.S. senators have introduced a bill to expand the Secret Service’s powers to combat cryptocurrency-related crimes. Catherine Cortez Masto of Nevada and Charles Grassley of Iowa recently introduced the “Cybercrime Money Laundering Combating Act of 2024,” which would expand the Secret Service’s powers to investigate cryptocurrency transactions conducted by unlicensed money transmitters and potential fraud against U.S. financial institutions. “Funding criminal activity through digital assets poses a direct threat to our nation’s security,” Cortez Masto said, stressing the importance of the bill. Grassley said enhanced threat assessments are needed to catch “dirty financial businesses” that facilitate money laundering schemes. (Cointelegraph)