New US ‘Digital Taxonomy’ Bill to Allocate $25 Million Annually to Prevent Crypto Crime

The new U.S. bill from Rep. Darren Soto offers to allocate $25 million to the FTC from 2020 to 2024 to prevent crypto crimes.

The so-called Digital Taxonomy Act of 2019, which United States legislators introduced yesterday, April 9, offers to allocate the Federal Trade Commission (FTC) $25 million annually to prevent crypto-related crime.

The document was introduced to the U.S. House of Representatives by Rep. Darren Soto (D), who is known for his pro-crypto stance. The act is dedicated to the FTC’s role in preventing “unfair or deceptive acts or practices in transactions relating to digital tokens.” It also requires a report to congress on the FTC’s actions related to digital tokens.

According to the current draft of the Digital Taxonomy Act, the FTC should be granted $25 million in funding each year from 2020 to 2024. The commission will use the money to prevent and combat crypto-related crimes….

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2019-04-10 16:28:00

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Written by Cointelegraph

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