Crypto Bill to Combat Illicit Financing Reintroduced in U.S. Congress
U.S. Representatives Zach Nunn and Jim Himes have reintroduced the Financial Technology Protection Act (FTPA) aimed at combating illicit finance and terrorist financing on digital asset platforms. Key points include:
- The bill establishes an interagency working group involving crypto industry experts to monitor terrorism-related activities linked to digital assets.
- An earlier version passed in the House of Representatives but failed in the Senate.
- The proposed group will consist of members from the Department of Justice, Treasury's Financial Crimes Enforcement Network, FBI, Department of State, and IRS.
- This bipartisan initiative aligns with ongoing legislative efforts to address illicit-finance concerns, particularly favored by Democrats.
- The current U.S. administration emphasizes the need for digital assets legislation, focusing on stablecoin regulation and comprehensive market structuring.