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

·1 min read
Kevin Dietsch/Getty Images

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.