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Committee backs expansion of asset forfeiture rules to include cryptocurrency in criminal cases
Summary
The committee voted to report SB 1498, which would create clearer definitions and procedures for forfeiting digital currency in state criminal cases and allow venue changes to place forfeiture proceedings where seizing agencies are located; supporters said the measure helps return proceeds to Texas communities.
Senator Nichols explained SB 1498 to the committee as a measure to expand asset-forfeiture authority to encompass digital assets and to provide procedural clarity for handling cryptocurrency seized in criminal investigations.
Proponents told the committee that cryptocurrency now plays a significant role in money laundering, scams and other organized financial crime and that current statutory and procedural gaps make forfeiture and recovery difficult for state and local agencies. The FCIC and local prosecutors described cross-jurisdictional…
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