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A bill that seeks to create a task force to combat the use of cryptocurrency in financing terrorism has just passed the House of Representatives. House Resolution 5036 (H.R.5036), which purports to establish the “Independent Financial Technology Task Force,” was sent to the House of Representatives on Wednesday, September 26, 2018, before it passed an unanimous voice vote and has now moved to the Senate for consideration.
The proposed bill, which was introduced by Representative Ted Budd, is seen as a positive move from U.S. lawmakers, which aims to mitigate the use of cryptocurrencies in terrorist financing. The task force would focus on researching the ways in which terrorism could be financed through cryptos and propose actions to curb such activity.
With Google’s ban on cryptocurrency advertising set to formally come into full effect this month, many representatives of the cryptocurrency and investment industries have spoken out against the company’s move.
Google Ban Expected to Come Into Effect This Month
Google announced that it would ban cryptocurrency advertising on its platform in March, following numerous anecdotal reports of declining ad performance on the company’s platforms from companies promoting initial coin offerings (ICOs). The move followed the implementation of similar advertising restrictions on Facebook.