U.S. Senators Catherine Cortez Masto and Chuck Grassley have introduced a new bill to strengthen the Secret Service's authority to investigate cryptocurrency crimes. The bill will give the Secret Service greater powers to deal with transnational cybercrime activities such as unlicensed money transfers, structured transactions and financial fraud.
The bill also encourages the Secret Service to work with federal agencies such as the Justice Department and the Financial Crimes Enforcement Network (FinCEN) to present a unified front. While the bill has support from the financial and cybersecurity sectors, some privacy advocates have expressed concerns about potential overexpansion of power.