Should the Feds Investigate the Use of Cryptocurrencies in Sex & Drug Trafficking? (H.R. 6069)
Do you support or oppose this bill?
What is H.R. 6069?
(Updated April 12, 2019)
This bill would direct the Government Accountability Office (GAO) to report on the use of virtual currencies and online marketplaces in sex and drug trafficking. The GAO would be required to report on how illicit proceeds are transferred into the U.S. banking system; state and non-state actors that benefit from or participate in such activity; and preventative efforts from federal and state agencies.
The report would be provided to relevant congressional committees and include a summary of its findings along with recommendations for legislation or regulations “that would improve the efforts of federal agencies to impede the use of virtual currencies and online marketplaces in facilitating sex and drug trafficking.”
Argument in favor
Sex and drug trafficking are serious crimes and it makes sense for the federal government to investigate whether cryptocurrencies are being used to facilitate them.
Argument opposed
Cryptocurrencies aren’t the main medium of exchange for sex and drug trafficking, cash is. This report could serve as a pretext for excessive regulation of cryptocurrencies.
Impact
Cryptocurrencies; dark net; and the Government Accountability Office.
Cost of H.R. 6069
A CBO cost estimate is unavailable.
Additional Info
In-Depth: Sponsoring Rep. Juan Vargas (D-CA) introduced this bill to require a report on the use of virtual currencies in crimes such as sex trafficking and illegal drug sales:
“The anonymity behind virtual currencies has made them a preferred payment method to carry out illegal activities… Congress must understand the full extent of how virtual currencies are being used to facilitate drug and sex trafficking and propose legislative solutions to fight these crimes.”
This bill has two cosponsors -- one Democrat and one Republican.
Of Note: Virtual currencies such as Bitcoin, Dash, Zcash, and Monero, which offer anonymity to their users, are rapidly becoming the preferred financial payment method for illicit activities thanks to their untraceable natures. Virtual currencies are quickly becoming the default payment method for goods and services associated with illegal sex and drug trafficking — two of the most detrimental and troubling activities facilitated by online marketplaces and the dark web.
The Drug Enforcement Administration, in its 2017 National Drug Assessment, reported that transnational criminal organizations are increasingly using virtual currencies for illicit activities, including drug trafficking. It has also been reported that virtual currencies are being used to run online drug marketplaces, including fentanyl, and contributing to the opioid crisis.
Media:
Summary by Lorelei Yang
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