U.S. Representative Ted Budd (R-NC) has reportedly lent his support to a new regulation, primarily looking to set up an agency, in charge of fighting against crypto involvement in terrorist financing.

Specifically, the legislation – H.R. 296 – is co-sponsored by Reps. Warren Davidson (R-OH), Stephen Lynch (D-MA), Byron Donalds (R-FL), and Darren Soto (D-FL) and was reportedly rolled out on Jan 13th. 

“Provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a Fintech Leadership in Innovation and Financial Intelligence Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.”

Together with the release, the bill was reportedly to the Committee on Financial Services and the Committee on the Budget, to carry out preliminary careful consideration. 

Rep. Budd has reportedly garnered a reputation of a pro-crypto individual. In 2019, he reportedly supported the call for establishing enhanced certainty, regarding national crypto legislation. He also put up numerous bills for review to the house, primarily looking to make the regulatory standard of the U.S-based sector better. 

While Anti-Money Laundering and Combating the Financing of Terrorism are still the center of anti-crypto discussion for numerous governmental entities, cryptocurrency forensic insights reportedly claimed adoption rate of terrorist organizations for digital assets is limited. 

In May last year, blockchain intelligence firm Chainalysis reportedly exposed the wrongful claims of ISIS owned about $300 million in Bitcoin.