US House Bipartisan Bill Seeks to Combat Crypto Crime with New Federal Task Force

The US House of Representatives has introduced bipartisan legislation to establish a federal task force dedicated to combating cryptocurrency-related crime. The bill, co-sponsored by Republican Representative Lance Gooden and Democratic Representative Josh Gottheimer, aims to fill a void left by the dissolution of the Department of Justice's (DOJ) National Cryptocurrency Enforcement Team (NCET).

The proposed legislation would create a Crypto Crime Response Task Force housed within the DOJ. This task force would include representatives from multiple federal agencies, including the DOJ, FBI, Department of Homeland Security, Homeland Security Investigations, the Department of the Treasury, and the Financial Crimes Enforcement Network.

The bill places significant emphasis on victim support, requiring the task force to develop protocols for assisting victims of crypto-related scams, ransomware attacks, and investment fraud. It also mandates the fostering of international cooperation, recognizing that cryptocurrency crime is inherently borderless and often requires coordination with foreign law enforcement agencies and regulatory bodies.