The U.S. House of Representatives has endorsed another cryptocurrency-related measure, although its prospects in the Senate appear dim. The bill, which aims to establish a governmental task force to address the misuse of digital assets by malevolent actors, passed with a routine voice vote.

Sponsored by Representative Zach Nunn (R-Iowa), this succinct bill was among several crypto-related provisions previously approved by the House Financial Services Committee. Despite bipartisan support in the House for sector-friendly legislation like the Financial Innovation and Technology for the 21st Century Act (FIT21), the Senate has yet to reciprocate the House’s enthusiasm for cryptocurrency regulation.

Nunn’s initiative, unanimously endorsed by the committee last year, proposes forming a temporary working group under the Treasury Department. This group would investigate the application of digital assets in terrorism and money laundering, providing recommendations for mitigation strategies. It would include industry representatives, such as members from “blockchain intelligence companies.”

In a speech on the House floor, Nunn emphasized the bill’s importance in bolstering national security, safeguarding digital assets, and ensuring that future financial and internet technologies are developed domestically.

Jaret Seiberg, an analyst at TD Cowen, suggested that this bill primarily serves as a political maneuver. “For crypto critics, this is a way to assert their demands for stringent anti-money laundering measures,” he noted in a client memo on Monday. “For crypto proponents, it offers political cover against accusations that their support for digital assets facilitates illicit activities.”

Although cryptocurrency has emerged as a significant topic in the 2024 presidential race, the chances of a narrowly divided Congress reaching a consensus on a comprehensive regulatory framework remain slim. Consequently, crypto insiders are closely monitoring several related provisions being considered for inclusion in the National Defense Authorization Act, the annual bill that outlines the nation’s defense priorities.

Additionally, on Monday, the Digital Chamber addressed a letter to Vice President Kamala Harris, who is now being positioned by the party as a potential successor to President Joe Biden as the Democratic presidential nominee. The letter urged Harris to adopt a forward-thinking stance on digital assets and blockchain technology by incorporating a positive crypto agenda into the party’s platform and selecting a running mate with a proven track record of engaging with digital asset technology and advocating for pro-innovation policies.

This appeal echoed sentiments from various prominent industry stakeholders, who similarly called for the Democratic leadership to adopt a more crypto-friendly approach.