U.S. Sanctions Bill Includes a Provision on Cryptocurrencies

Just 5 days ago, President Trump signed a controversial sanctions bill into law that includes a small provision regarding cryptocurrencies.

The provision in question states: “[A] discussion of and data regarding trends in illicit finance, including evolving forms of value transfer such as so-called cryptocurrencies, other methods that are computer, telecommunications, or internet-based, cybercrime, or any other threats that the Secretary may choose to identify”.

Although the bill mention cryptos under the umbrella term “illicit finance trends” they are only mentioned as an area of study, so there is no reason to be alarmed as of yet.

This follows the same principles as the provisions in the Department of Homeland Security’s legislative package that requested research into cryptocurrencies amidst the rise of ransomware attacks that request payment in Bitcoin, or other, more anonymous cryptos.  

This new sanctions bill does not force any shifts in policy, much like the DHS bill, however it just shows that congress is studying the issue of the use of cryptocurrencies in illicit activities more closely.

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