Representatives Zach Nunn (R-Iowa) and Jim Himes (D-Conn.) have reintroduced a bill aimed at combating illicit finance and terrorist financing on digital asset platforms. The previous version of the bill passed the House of Representatives last year but did not progress in the Senate before the end of the congressional session.
The Financial Technology Protection Act (FTPA) introduced on Thursday would establish an interagency working group, which would include members from the crypto industry, to monitor activities related to terrorism and digital assets.
An earlier version of the bill was approved by the House in July.
“Digital assets are becoming increasingly important in the global financial system, and it is crucial that the United States takes a strategic approach to security and innovation to maintain its leadership,” said Rashan Colbert, Director of US Policy at Crypto Council for Innovation, in support of the bill.
The proposed working group would consist of representatives from the Department of Justice, Treasury’s Financial Crimes Enforcement Network, Federal Bureau of Investigation, Department of State, the Internal Revenue Service, and others.
This bipartisan bill was one of several crypto initiatives that received backing from the House last year. Addressing concerns about illicit finance has always been a priority for lawmakers, particularly Democrats. The new administration under President Donald Trump has shown support for digital assets legislation, focusing on stablecoin regulation and comprehensive rules for the US crypto markets.
