U.S. Senators Propose Bill to “Combate Illegal Use of Crypto-Assets” through Public-Private Partnership

US Senators Bill Hagerty and Cynthia Lummis introduced the "Partnership to Prevent Illicit Financing Act of 2024" on Wednesday. According to the text of the bill, it aims to "establish an information sharing pilot program to combat the illicit use of cryptocurrency." The legislation seeks to combat illicit finance by strengthening communication between federal law enforcement agencies and private companies. The announcement provides some details on the pilot program to prevent illicit finance through partnerships in 2024, which will be led by the Attorney General and composed of 20 voluntary currency service companies and cryptocurrency companies. Senator Lummis believes that every industry has bad actors, including cryptocurrency, but do not misunderstand, cryptocurrency itself is not the problem.