The U.S. House of Representatives has unanimously passed a Bill that helps the Government to analyze and report on the use of virtual currencies in the country's marketplaces facilitating sex and drug trafficking.
H.R. 6069, the Fight Illicit Networks and Detect (FIND) Trafficking Act of 2018, would require the Government Accountability Office (GAO) to study how virtual currencies and online marketplaces are used to facilitate sex or drug trafficking and propose regulatory and legislative actions to put an end to these illicit activities. Based on the GAO's findings and proposals, Congress would draft legislation to regulate the use of virtual currencies to prevent such crimes.
The bipartisan bill was jointly introduced by Rep. Juan Vargas (CA-51) and Rep. Keith Rothfus (PA).
"Illicit markets where drug and human trafficking take place are constantly evolving, especially on the dark web," according to Rothfus. Cryptocurrencies can mask traffickers' transactions, affording them a level of anonymity when conducting illegal activities.
Rothfus said the new legislation will help the government expose new criminal methods to move illicit funds, and provide ways to stop them. The bill has to passs through the Senate to the President's desk for it to become law.
Juan Vargas said this bill is an important first step in helping Congress understand the full extent of how virtual currencies are being used to facilitate drug and sex trafficking.
Crypto currencies can be used for legal purchases. However, due to its anonymity, virtual currencies have become a popular financial payment method for illicit activities, especially, for illegal sex and drug trafficking.
According to the Drug Enforcement Administration's 2017 National Drug Assessment, transnational criminal organizations are increasingly using crypto currencies for drug trafficking and to run illegal online marketplaces to sell drugs, including the opioid fentanyl, that contribute to the opioid crisis in America.
by Joji Xavier
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