Crypto Bill to Combat Illicit Activity Gets New Push After Passing U.S. House in 2024
U.S. 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) was introduced on Thursday. This bill proposes the establishment of an interagency working group, which would include members from the crypto industry, to monitor activities related to terrorism and digital assets.
A previous version of this bill was passed by the House in July through a routine vote. Rashan Colbert, the Director of US Policy at Crypto Council for Innovation, expressed support for the bill, stating that digital assets play a significant role in the global financial system, and the US must take a thoughtful approach to security and innovation to maintain its leadership position.
The proposed working group would consist of representatives from various government agencies, including the Department of Justice, Treasury’s Financial Crimes Enforcement Network, Federal Bureau of Investigation, Department of State, and the Internal Revenue Service.
This bipartisan bill is one of several crypto initiatives that received support from the House last year. Lawmakers, particularly Democrats, have been focused on addressing concerns regarding illicit finance. The Trump administration has also shown support for digital assets legislation, particularly in the realm of stablecoin regulation and the creation of a comprehensive bill to regulate the US crypto markets.
