US lawmakers introduce legislation to expand Secret Service authority in battling crypto crimes

A new bill introduced in the Senate seeks to strengthen the US Secret Service’s authority to investigate crimes involving crypto.

The bipartisan effort, led by Senator Catherine Cortez Masto (D-NV) and Senator Chuck Grassley (R-IA), aims to combat transnational cybercriminal activities, including unlicensed money-transmitting businesses, structured transactions, and fraud against financial institutions.

The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes. The lawmakers said the legislation will empower the Secret Service to act decisively against these threats, ensuring the safety and security of the financial system.

Expanding authority

The proposed legislation aims to expand the Secret Service’s investigative authority, granting it increased jurisdiction to address crimes involving digital assets, including fraud, money laundering, and illegal money-transmitting businesses.

This expansion will equip the agency with the necessary tools to tackle the evolving nature of cybercriminal activities. According to Grassley:

“Cybercriminals are becoming more innovative and elusive. By enhancing the Secret Service’s authority, we can better protect Americans from financial fraud and other cyber-related crimes.”

The bill encourages enhanced collaboration between the Secret Service and other federal agencies, such as the Department of Justice and the Financial Crimes Enforcement Network (FinCEN).

The collaborative approach seeks to create a unified front against cybercriminal activities, leveraging the expertise and resources of multiple agencies to combat these threats effectively.

Gaining industry support

The bill includes provisions for allocating additional resources and funding to the Secret Service to support the expanded scope of the agency’s investigations and improve its technological capabilities. The legislation aims to ensure the agency can keep pace with the rapidly evolving landscape of digital asset crimes.

The proposed legislation has garnered support from various stakeholders in the financial and cybersecurity sectors.

Advocates argue that it is a necessary step in addressing the growing complexity of digital asset crimes and ensuring that law enforcement agencies are equipped to handle these challenges.

However, the bill is not without its critics, and some privacy advocates have expressed concerns about the potential for overreach and the implications for individual privacy rights.