WASHINGTON, D.C. – U.S. Representatives Zach Nunn (IA-03) and Jim Himes (CT-04) introduced bipartisan legislation to counter illicit finance and combat terrorist financing on digital platforms. The Financial Technology Protection Act would establish an interagency working group to collaborate with industry experts to disrupt the use of emerging financial technologies by bad actors.
“Digital assets are quickly emerging as a major way in which we spend money. It is a priority to ensure every American who utilizes this technology is also 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 safeguarding innovation and protecting consumer choice for all Americans. We must accomplish these goals simultaneously to ensure the long-term integrity of digital assets.”
It is imperative to ensure that as traditional finance evolves, financial systems are equipped to prevent illicit and terrorist financing by bad actors. This bill is a proactive measure to protect Americans through collaboration between government and industry leaders.
“Rooting out bad actors and securing our nation’s digital asset industry are top priorities for Blockchain Association and our members,” said Blockchain Association CEO Kristin Smith. “We support Representatives Nunn and Himes’ Financial Technology Protection Act that seeks to bring together government and industry to strengthen America’s national security and protect digital assets from abuse.”
The Financial Technology Protection Act would protect the emerging digital asset 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 Director of National Intelligence. 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.
Text of the bill can be found here.
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