Senator Ted Budd of North Carolina has called for bipartisan legislation to address the misuse of digital assets by criminals and terrorists while maintaining financial technology innovation. The statement was made on the social media platform X.
“It’s no secret that criminals & terrorists are exploiting digital assets—putting both our financial & national security at risk,” said Budd. “Thanks to Sen. Gillibrand & Sen. Lummis for joining the effort to prevent illicit abuse of this pro-growth financial tech.”
Recent legislative efforts in the United States aim to combat the illicit use of digital assets. These efforts include new bills designed to strengthen oversight, enhance know-your-customer protocols, and provide regulators with additional tools to monitor suspicious cryptocurrency transactions, as reported by the Wall Street Journal.
According to a 2024 report by Chainalysis, illicit cryptocurrency addresses accounted for $24.2 billion in transactions worldwide in 2023. The U.S. Department of Justice has linked digital assets to cases involving ransomware, drug trafficking, and terrorist financing.
The Financial Crimes Enforcement Network (FinCEN) reported that U.S. digital asset markets surpassed $1.8 trillion in transactions in 2023. This development has led to new federal regulatory proposals and increased scrutiny from agencies.
Budd is a Republican U.S. Senator from North Carolina who serves on the Senate Banking, Housing, and Urban Affairs Committee. His policy focus includes fintech innovation and anti-illicit finance, according to Ballotpedia.
