US Zach Nun (R-Iowa) and Jim Himes (D-Conn.) have reintroduced the bill to combat illegal finance and terrorist financing on digital asset platforms after passing the House of Representatives last year.
The Financial Technology Protection Act (FTPA), introduced Thursday, will establish an interagency working group that includes insiders in the crypto industry to scrutinize activities related to terrorism and digital assets.
Previous versions of the bill were cleared by the House of Representatives in July with a routine vote.
“Digital assets are an increasingly integral part of the global financial system, and it is essential that the US take a thoughtful approach to security and innovation to maintain its leadership position,” the director of US policy at the Crypto Council for Innovation said in a statement in support of the bill.
The proposed working groups include representatives from the Department of Justice, the Department of Treasury’s Financial Crime Enforcement Network, the Federal Bureau of Investigation, the Department of State, and the Internal Revenue Service.
The bipartisan bill was one of several crypto initiatives that won the support of the family last year, and efforts to address illegal foundation concerns are one of the biggest issues lawmakers, particularly Democrats, have tried to enact. President Donald Trump’s new administration accepted and called for digital assets laws, but set a comprehensive bill to set particularly stable regulations and rules to build the US crypto market.
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