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house Bill H.R. 428

Should the Feds Assess the Threat Posed by Terrorists Using Virtual Currency to Finance Operations?

Argument in favor

Virtual currencies are growing in popularity and could be abused by terrorists using the money to finance operations. The Dept. of Homeland Security should carry out an assessment to better understand and monitor the threat.

RjGoodman's Opinion
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01/29/2019
Yes, cryptocurrency is the future of illegal payoffs and payments. We have to be at the forefront of this technology.
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BlueSphere's Opinion
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01/29/2019
It passed! 422 Yea, 3 Nay Thank you, Rep. Joe Cunningham (D-SC) for your YEA vote. 👍
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01/21/2019
Insufficient information provided for me to consider my opinion.
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Argument opposed

There’s not a lot of evidence to suggest that terrorist organizations are using virtual currencies like Bitcoin to finance their operations. The feds should wait until it becomes a problem before assessing the threat.

orangeman's Opinion
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01/29/2019
This is just an excuse to further legislate crypto. DO NOT support this!! Terrorists use US dollars, too. And look how difficult they've made it to move perfectly legitimate money around because of the "terrorist" boogeyman.
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Reece's Opinion
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01/30/2019
Another attack on decentralization. Not good for the free market.
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NoHedges's Opinion
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01/29/2019
The feds are up to their armpits with simply dealing with the economic fallout of the 45 administration. Let’s NOT split their focus.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Homeland Security and Governmental Affairs
  • The house Passed January 29th, 2019
    Roll Call Vote 422 Yea / 3 Nay
      house Committees
      Committee on Homeland Security
    IntroducedJanuary 10th, 2019

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What is House Bill H.R. 428?

This bill would direct the Dept. of Homeland Security’s Office of Intelligence and Analysis to produce a threat assessment related to individuals using virtual currency (like Bitcoin) to carry out an act of terrorism or provide material support to a foreign terrorist organization. The office would coordinate with appropriate federal partners and share the assessment with state, local, and tribal law enforcement officials.

Impact

The Dept. of Homeland Security.

Cost of House Bill H.R. 428

A CBO cost estimate is unavailable.

More Information

In-DepthSponsoring Rep. Kathleen Rice (D-NY) reintroduced this bill from the 115th Congress to require the Dept. of Homeland Security to carry out a threat assessment of terror groups using virtual currencies to finance their operations. When she originally introduced this bill in 2017, Rep. Rice said:

“Last week’s unprecedented ransomware attack demonstrated how rapidly cyber-threats are evolving and how urgently governments and private companies must evolve to protect themselves. Research suggests that terrorists’ use of virtual currencies has been limited so far, but with groups like ISIS becoming more technologically sophisticated and virtual currencies becoming more accessible, the table is set for this threat to grow significantly in a very short time. We need to confront this threat immediately, and the first step is to fully assess and understand it.”

There's one cosponsor of this bill in the current Congress, Rep. Peter King (R-NY). In the last Congress, this bill passed the House by voice vote with there support of one cosponsor, Rep. Derek Kilmer (D-WA).


Media:

Summary by Eric Revell

(Photo Credit: skodonnell / iStock)

AKA

Homeland Security Assessment of Terrorists' Use of Virtual Currencies Act

Official Title

To direct the Under Secretary of Homeland Security for Intelligence and Analysis to develop and disseminate a threat assessment regarding terrorist use of virtual currency.

    Yes, cryptocurrency is the future of illegal payoffs and payments. We have to be at the forefront of this technology.
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    This is just an excuse to further legislate crypto. DO NOT support this!! Terrorists use US dollars, too. And look how difficult they've made it to move perfectly legitimate money around because of the "terrorist" boogeyman.
    Like (12)
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    Insufficient information provided for me to consider my opinion.
    Like (8)
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    It passed! 422 Yea, 3 Nay Thank you, Rep. Joe Cunningham (D-SC) for your YEA vote. 👍
    Like (8)
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    Another attack on decentralization. Not good for the free market.
    Like (7)
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    The truth is the data on transactions is encrypted for each transaction...thus it can be decrypted since A.I. created crypto currency software and runs it.
    Like (6)
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    As long as someone is willing to accept something in exchange for their goods or services criminal activities will be funded. The form of currency should not stop or matter to investagators. The strangest funding I heard of being used to fund criminal operations is liquid Tide laundry detergent.
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    I don't particularly like the lack of a CBO report before this is passed, but the fact that it is a reasonable and current concern while also being a bipartisan bill should be encouraged.
    Like (4)
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    Another attack on crypto. Find there source of the problem and fix that don't hamstring crypto.
    Like (3)
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    Holy Sh🤬t!!! I would hope that part of the top secret info that we the people are not worthy enough to handle would cover this topic. I’m blown away that crypto currency has been around as long as it has and we aren’t monitoring it at all. 🤷🏼‍♂️🤦🏼‍♂️
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    The feds are up to their armpits with simply dealing with the economic fallout of the 45 administration. Let’s NOT split their focus.
    Like (3)
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    How many times do we need to be burnt by failure to be proactive in matters such as this?!?! We should always be proactive in threat assessment and the security of our Nation!!!
    Like (2)
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    Absolutely! Any avenues that can be used for supporting terrorist activities, should always be regulated and monitored for such activities!
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    Hell no, they just want to keep the common people from making a buck and under their thumb. They will do anything to tax us to death so they can live the high life, while not paying taxes themselves.
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    Yes, let's do this. We certainly don't want terrorists having to carry those heavy bags of $100 dollar bills. I'm sure the terrorists don't carry health care. I mean, they may die before receiving any benefits.
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    Absolutely, cryptocurrency was invented for one reason and one reason only; to hide money outside conventional monetary systems for tax evasion and criminal enterprise. As long as it doesn’t en up under the Federal Reserve, a criminal enterprise protected by the government, it needs some oversight. Since I mentioned it, Congress needs to have the Fed Res audited.
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    This is about public monitoring and control. Look around folks. If centralized governmental cryptocurrency becomes the norm we become enslaved citizens. Our banking system is investing in crypto to control it. If centralized our government can take all away from anyone of us with the push of a button. Bitcoin keeps all HONEST! We become our own banks. Terrorists? Google 911 bld 7 Did it really drop because of fire? Wake up!
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    This is common sense.
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    I am not sure there is enough info to cement any opinion on my part. I would be hesitant however to allow the Federal government to limit Crypto, but an investigation into it might be wise, and I am sure that there are ways to make Crypto more secure without limiting the average user's experience.
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    Leave Bitcoin alone and build that Wall
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