Houses Passes Bill to Fight Illegal Crypto Financing
The House of Representatives approved by voice vote on July 22 a bill that would create an interagency working group to conduct research and develop legislative and regulatory proposals to counter sanctions evasion, terrorism financing and money laundering on digital platforms.
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Rep. Zach Nunn, R-Iowa, who introduced the Financial Technology Protection Act with Rep. Jim Himes, R-Conn., in April 2023, said the bill would help ensure the long-term integrity of increasingly popular digital assets.
Under the legislation, the working group would include senior-level representatives from the Homeland Security, Justice, State and Treasury departments, including the Financial Crimes Enforcement Network and the Office of Foreign Assets Control, as well as the Central Intelligence Agency and the cryptocurrency industry.
Sens. Ted Budd, R-N.C., and Kirsten Gillibrand, D-N.Y., introduced a companion bill last year. The legislation was referred to the Senate Banking Committee.