CyberScoop reports that legislation that would provide the U.S. Secret Service additional authorities to probe financial cybercrimes has been introduced by Catherine Cortez Masto, D-Nev., Amy Klobuchar, D-Minn., and Chuck Grassley, R-Iowa.
Increased investigative powers on digital asset-related crimes would enable the Secret Service to better pursue transnational cybercrime, as well as crack down on financial fraud and unlicensed money transmitting businesses, according to the bill. "The funding of criminal activity through digital assets poses a direct threat to the security and safety of our nation. This bipartisan and bicameral bill will allow for the United States Secret Service to better investigate new forms of financial crime involving digital assets," said Cortez Masto, who previously unveiled legislation that would guarantee federal anti-money laundering and counter-terrorism financial regulation adherence among cryptocurrency firms. Such a development comes amid calls for increased hiring of cyber-focused Secret Service, Treasury Department, and FBI agents due to the growing prevalence of financially-motivated cybercrimes.
