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The 116th U.S. Congress convened on January 3, 2019 and will conclude on January 3, 2021 – and while 2020 will represent for millions one of the most unprecedented years in history, Congress has still found time to introduce 40 bills on the subject of cryptocurrencies and blockchain. Of the 40 bills introduced, 11 have passed the House of Representatives and two have become law. The two laws are part of much larger bills involving the appropriations process where one called for a briefing to Congress on how cryptocurrency affects economic sanctions and another called for a briefing on how the Department of Defense could potentially use blockchain technology.
For the nine bills that passed the House of Representatives but wait action by the U.S. Senate, three bills call for essentially the same action by the Department of Financial Crimes Enforcement Network (FinCEN) to explore blockchain and digital identity technologies to improve the data analysis process and distribution of information to other law enforcement bodies.
The United States Capitol Building at night in Washington DC
Recommended For YouThe Financial Technology Protection Act of 2019 (H.R. 56), was sponsored by Congressman Ted Budd (R-NC) and Congressman Stephen Lynch (D-MA) and passed the House of Representatives all the …
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