Waukesha Times

WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) has introduced the Combating Money Laundering in Cyber Crime Act, a bill aimed at addressing the growing issue of illicit digital asset transactions. The bill seeks to align criminal and banking statutes and clarify the investigative authority of the U.S. Secret Service (USSS) in relation to crimes involving digital assets.

The USSS is responsible for investigating various cyber-related criminal activities, including the illicit use of digital assets. However, there are significant challenges when it comes to dealing with unlicensed money transmitting businesses and other forms of criminal activity that target organizations not covered by federal insurance. This has created a gap in the USSS's ability to effectively address emerging forms of criminal activity involving digital assets.

According to Congressman Fitzgerald, the USSS has already investigated over 300 cases involving digital assets since 2015, resulting in the seizure of assets worth over $113.5 million. He emphasized the importance of empowering the USSS to continue this vital work and highlighted the need to update outdated U.S. code to address the evolving nature of digital asset transactions.

"It’s imperative that the USSS is empowered to continue this important work. In order to do so, we must align outdated U.S. code to ensure the agency can address emerging forms of criminal activity involving digital assets. I’m proud to introduce the Combating Money Laundering in Cyber Crimes Act to help precisely accomplish this task," said Rep. Fitzgerald.

The Combating Money Laundering in Cyber Crime Act is a bipartisan effort, with co-leadership from Rep. Zach Nunn (IA-03), Rep. Gregory Meeks (NY-05), and Rep. Madeleine Dean (PA-04). The full text of the bill can be found [here](link).

This legislation aims to close the gap in the USSS's investigative authority and provide a stronger legal framework to combat illicit digital asset transactions. By aligning criminal and banking statutes, it will enable the USSS to effectively tackle emerging forms of cybercrime involving digital assets.