Bill targeting illicit use of crypto passes US House
The Financial Technology Protection Act passed the House of Representatives by voice vote roughly a year after lawmakers sent it out of committee.
Lawmakers in the United States House of Representatives voted in favor of legislation to establish a working group researching the illicit use of digital assets.
A majority of House members approved the Financial Technology Protection Act by voice vote on July 22. The bill, introduced in April 2023 by Representatives Zach Nunn and Jim Himes, aims to address how “rogue and foreign nations” could use crypto to evade sanctions by having members of several federal agencies coordinate their efforts.
“This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans,” said Representative Nunn. “We must do both simultaneously to ensure the long-term integrity of digital assets.”
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Author: Turner Wright
