Congress is set to consider yet another proposed mandate for a cryptocurrency study, this time in the area of sex trafficking.
The House of Representatives Financial Services Committee is introducing a new bill today that, if passed and signed into law, would require the director of the Government Accountability Office (GAO) to open a study on "how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking, and for other purposes."
According to a memorandum dated 11 June 2018, U.S. Congressman Juan Vargas penned the Fight Illicit Network and Detect (FIND) Trafficking Act in order to "improve the efforts of Federal agencies to impede the use of virtual currencies and online marketplaces in facilitating sex and drug trafficking."
This is not the first bill introduced under the Trump presidency that targets illegal sex trafficking online. Back in February, a controversial bill package known as FOSTA-SESTA was passed by the US House of Representatives, which effectively banned online forums from posting ads for sex workers.
The proposed FIND Trafficking Act would launch an examination into cryptocurrencies and their role in potentially enabling the efforts of sex traffickers.
For workers in the regulated adult entertainment industry, cryptocurrencies are playing an increasingly larger role as an alternative method of payment. As previously reported, several sex workers have begun to use bitcoin not only as a transactional currency but as a secure global store of value, in which they can hold their retirement savings.
Moreover, companies like Vice Industry Tokens (VIT) – which issues its own form of cryptocurrency to attract porn viewers and stars – have been gaining ground developing partnerships with Playboy TV and more recently, HoloGirlsVR, the premier provider of virtual reality adult content.
However, with the recent passing of FOSTA-SESTA, platforms like VIT are in danger of violating laws if the platform's content or activities of its users promote paid sex work in any way.
The repercussions of the study proposed in the bill introduced to Congress will be heavily dependent on the outcoming report set to be submitted "one year after enactment" to the Committee on Banking, Housing and Urban Affairs.
Image via Shutterstock.
The leader in blockchain news, 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.
US CongressU.S. House of Representativessex industry
IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing
A patent application published Thursday claims the process of conducting scientific research can benefit from the blockchain.
Led by a team at IBM's Watson Research Center, the patent application p
CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.
According to a press release iss
Japanese Firms Claim Success in Marine Insurance Blockchain Trial
One of Japan's largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.
Accenture Puts Software License Management on a Blockchain Platform
Global professional services giant Accenture has rolled out a new software license management application built with tech from distributed ledger startup Digital Asset.
Accenture announced in a pre
Singapore's Central Bank, SGX Develop Blockchain Settlement System
The Monetary Authority of Singapore (MAS) and the country's stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets that can work across different blockchains
Colorado Regulators Crack Down on Four More ICOs
Colorado regulators took action against four ICOs Thursday, bringing the state's total number of cease-and-desist orders against crypto startups to 12.
The state's "ICO Task Force" rebuked Bitcoin
Ethereum Sets Tentative January Goal for Next Blockchain Upgrade
Developers are eyeing January 16th as the date on which Constantinople, ethereum's upcoming network hard fork, could launch.
The upgrade for the world's second-largest blockchain was originally tar
For Bitfinex Users, Dollar Withdrawals Are Now a Weeks-Long Struggle
Three weeks after being assured that everything was running smoothly, some customers of cryptocurrency exchange Bitfinex are wondering why they still can't withdraw their money.
On Oct. 15, the cry