S.Amdt. 2355

What It Changes or Adds

As an analyst looking out for the people, it is important to hold our officials accountable by seeing how they plan to tackle illegal actions involving digital money. This amendment, submitted by Ms. Cantwell to the bill S. 1582 regarding payment stablecoins, aims to create a dedicated team to crack down on bad actors using cryptocurrency for illegal schemes.

Task Force Creation and Members

Duties and Accountability

The amendment adds an Interagency Task Force on Illicit Cryptocurrency Activities to the bill. This team will be jointly established and co-chaired by the Secretary of the Treasury and the Attorney General.

To make sure the government is using its resources effectively, the task force will include representatives from a wide range of agencies:

• The Department of the Treasury
• The Financial Crimes Enforcement Network
• The Office of Foreign Assets Control
• The Internal Revenue Service
• The Department of Justice
• The Federal Bureau of Investigation
• The Drug Enforcement Agency
• The Department of State
• The Department of Homeland Security
• The United States Secret Service
• The Central Intelligence Agency

The main duties of this task force are focused on protecting everyday people and keeping the financial system safe. Specifically, the amendment adds requirements for the task force to:

• Coordinating investigations and prosecutions of individuals and entities involved in illegal activities tied to digital assets, such as money laundering, terrorism financing, drug and human trafficking, sanctions evasion, ransomware, and fraud.
• Coordinating with international partners to handle cross-border enforcement actions.
• Providing training and technical assistance to law enforcement and financial regulatory personnel.
• Ensuring that seized or forfeited assets are returned to the identifiable victims of the crimes, to the maximum extent practicable and consistent with Federal law.

Finally, to keep our elected officials and the public informed, the Secretary of the Treasury and the Attorney General must submit an annual report to Congress. This report will detail prosecutions, enforcement outcomes, financial assets recovered, and trends in illicit activities relating to digital assets.