A bipartisan piece of legislation aimed at combating illegal blockchain activities has been reintroduced to the U.S. House of Representatives.
According to a new press release, Republican Representative Zach Nunn of Iowa and Democrat Representative Jim Himes of Connecticut have together reintroduced the Financial Technology Protection Act, a bill that aims to counter illicit digital activities, such as money laundering and funding terrorism.
The bill would establish a working group of high-ranking members of regulatory and law enforcement agencies – such as the Department of Justice (DOJ), Federal Bureau of Investigation (FBI) and the Internal Revenue Service (IRS) – as well as five leaders from crypto intelligence and fintech firms to issue regulatory and legislative recommendations on the matter.
As stated by Nunn,
“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.
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.”
In a new thread on the social media platform X, Rashan Colbert, the head of policy of the decentralized crypto exchange dYdX, explains the significance of the bill.
“This collaborative approach ensures that policymakers have the necessary insights to combat illicit finance in the digital economy without stifling the development of transformative financial technologies…
The House of Representatives has previously recognized the importance of this Bill, passing it unanimously in a prior session. With its updated provisions reinforcing its effectiveness, we urge policymakers to once again support this critical effort to safeguard financial integrity while preserving the United States’ leadership in responsible innovation.”
The legislation first passed the House of Representatives in July 2024.
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Featured Image: Shutterstock/ValDan22/Andy Chipus
