WASHINGTON, DC – Last night, the House Financial Services Committee unanimously passed Representative Zach Nunn’s (IA-03) bipartisan legislation to bolster America’s national security and strengthen the digital asset ecosystem. The 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. It is a priority to prevent bad actors from taking advantage of emerging technologies to conduct illegal activities,” 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.”
Rep. Nunn cosponsored three bills that also passed through the April 2, 2025, markup by the House Financial Services Committee:
- The STABLE Act would establish a comprehensive framework for issuing and operating dollar-denominated payment stablecoins in the United States.
- The Anti-CBDC Surveillance State Act would block the Federal Reserve from issuing a Central Bank Digital Currency directly to individuals, protecting financial privacy.
- The 1071 Repeal to Protect Small Business Lending Act would repeal burdensome data collection rules on small business loans, reducing compliance costs and protecting community lenders.
The Financial Services Committee advanced all four legislative proposals that now await consideration by the full House of Representatives.
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