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US House Passes Bill for FinCEN to Study Blockchain Use

US House Passes Bill for FinCEN to Study Blockchain Use

finCEN to study blockchain-techcryption

The United States House of Representative passed a bill that requires the Financial Crimes Enforcement Network (FinCEN) to consider the usage of innovative technologies which include blockchain to enhance its operations further. The legislation that was passed on September 19th has now moved to Senate for consideration since September 23rd. 

 The “Advancing Innovation to Assist Law Enforcement Act” mandates the director of FinCEN, Kenneth Blanco to carry out a study on how the technology could be adapted within FinCEN’s law enforcement.

“The Director of the Financial Crimes Enforcement Network (“FinCEN”) shall carry out a study on […] whether AI, digital identity technologies, blockchain technologies, and other innovative technologies can be further leveraged to make FinCEN’s data analysis more efficient and effective,” the act states. 

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The bill was introduced in May by Anthony Gonzalez, one of the committees of the House Financial Services as a way to fight financial crimes that have been hampering down the nation. He believes with the usage of technology, incidents of money laundering by criminals could be prevented effectively. 

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