Nunn Bill to Protect Americans’ Digital Assets Passes House

WASHINGTON, D.C. — The U.S. House of Representatives today unanimously passed Representative Zach Nunn’s (IA-03) bipartisan legislation to strengthen America’s national security and protect digital assets. The bipartisan Financial Technology Protection Act would establish a working group among key federal government departments, intelligence agencies, and key private sector experts to help combat terrorism and illicit financing on digital platforms.

“Digital assets are quickly emerging as a major way in which we spend money. I want to ensure every American has access to this technology and is protected,” said Rep. Nunn. “This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans.  We must do both simultaneously to ensure the long-term integrity of digital assets.”

The Financial Technology Protection Act would protect the emerging digital assets space by:

• Establishing a working group with senior level representation from Department of Justice, United States Secret Service, Financial Crimes Enforcement Network, Federal Bureau of Investigation, Department of State, Drug Enforcement Administration, Internal Revenue Service, Department of Homeland Security, Office of Foreign Assets Control and Central Intelligence Agency. The working group would also include five crypto industry leaders from financial technology companies, financial institutions, institutions or organizations engaged in research, and blockchain intelligence companies.   
• Researching transactions related to terrorism and illicit financial technology, such as digital assets.  
• Proposing legislation to help prevent money laundering, improve counter-terrorist activity, and combat illicit financing in the U.S.  

This bill was introduced by Rep. Nunn and Representative Jim Himes (CT-04) on April 27, 2023. A companion bill was introduced in the U.S. Senate by Senators Kirsten Gillibrand (NY) and Ted Budd (NC).

Text of the bill can be found here. 

###