US Rep. Josh Gottheimer Proposes $3M Boost to Treasury’s Crypto Crime-Fighting Unit

The amendment would increase funding to the Treasury’s Office of Terrorism and Financial Intelligence for blockchain analysis tools, training and investigative support.

AccessTimeIconJul 25, 2022 at 8:36 p.m. UTC

Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.

U.S. Congressman Josh Gottheimer (D-N.J.) has proposed an amendment to the federal budget bill that would give the Treasury Department an additional $3 million to fight crypto-related crime in fiscal 2023.

Gottheimer has proposed that the Treasury’s Office of Terrorism and Financial Intellience – the unit tasked with overseeing crypto crime and ransomware attacks – could use the money to buy better blockchain analysis tools, provide officers with better training and add investigative support to the unit.

The Office of Terrorism and Financial Intelligence has been asking Congress for more money since 2021, along with several other Treasury units, including the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service, to improve its ability to oversee and investigate cybercrimes.

Gottheimer’s proposed amendment to the budget bill would offset the $3 million in additional funding from the Federal Buildings Fund, a unit under the General Services Administration that oversees federal office buildings.

The bill, which provides funding to the Department of Transportation, the Department of Housing and Urban Development and several related agencies, doesn’t otherwise provide funding to the Treasury Department or any of its agencies.

The amendment is one of nearly 30 to be considered during the next vote, which hasn’t been scheduled yet.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.

CoinDesk - Unknown

Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC