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H. Rept. 115-781,Part 1 1 (2018-06-25)

handle is hein.congrecreports/crptxaisk0001 and id is 1 raw text is: AUTHENTICATED r U.S. GOVERNMENT INFORMATION 4 115TH CONGRESS REPT. 115-781 2d Session j HOUSE OF REPRESENTATIVES Part 1 FIGHT ILLICIT NETWORKS AND DETECT TRAFFICKING ACT JUNE 25, 2018.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 6069] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 6069) to require the Comptroller General of the United States to carry out 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, having considered the same, report favor- ably thereon with an amendment and recommend that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Fight Illicit Networks and Detect Trafficking Act or the FIND Trafficking Act. SEC. 2. FINDINGS. The Congress finds the following: (1) According to the Drug Enforcement Administration (DEA) 2017 National Drug Threat Assessment, transnational criminal organizations are increasingly using virtual currencies. (2) The Treasury Department has recognized that: The development of vir- tual currencies is an attempt to meet a legitimate market demand. According to a Federal Reserve Bank of Chicago economist, U.S. consumers want payment options that are versatile and that provide immediate finality. No U.S. payment method meets that description, although cash may come closest. Virtual cur- rencies can mimic cash's immediate finality and anonymity and are more versatile than cash for online and cross-border transactions, making virtual cur- rencies vulnerable for illicit transactions.. (3) Virtual currencies have become a prominent method to pay for goods and services associated with illegal sex trafficking and drug trafficking, which are 79-006