WASHINGTON—Congress wants the Financial Crimes Enforcement Network (FinCEN) to up its internal blockchain game with a new bill to study how the technology could be adapted for law enforcement.
On Sept. 19, the House of Representatives passed legislation calling for the financial crimes regulator to study its use of “innovative technologies” — including blockchain. The bill now moves to the Senate for consideration, CoinDesk reported.
The “Advancing Innovation to Assist Law Enforcement Act” mandates that FinCEN’s director consider how blockchain and other tech advances can improve the bureau’s operations.
“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 bill reads.
Submitted by Gonzalez
Freshman Representative Anthony Gonzalez (R-OH), a member of the House Financial Services Committee, introduced the bill as a high-tech means to fight financial crimes, CoinDesk noted.
“My bill makes sure that we are using the best technology we have available to find and stop the money laundering that makes all these crimes not only possible, but financially profitable for cartels, traffickers, and terrorists,” Gonzalez said.