South Iowa News

U.S. Representatives Zach Nunn and Jim Himes have introduced bipartisan legislation aimed at tackling illicit finance and terrorist financing on digital platforms. The proposed Financial Technology Protection Act seeks to establish an interagency working group that will collaborate with industry experts to disrupt the use of emerging financial technologies by malicious actors.

"Digital assets are quickly emerging as a major way in which we spend money. It is a priority to ensure every American who utilizes this technology is also protected," said Rep. Nunn. "This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also safeguarding innovation and protecting consumer choice for all Americans. We must accomplish these goals simultaneously to ensure the long-term integrity of digital assets."

The bill emphasizes the need for traditional financial systems to evolve alongside new technologies, ensuring they are equipped to prevent illicit and terrorist financing activities. This legislative measure aims to foster collaboration between government entities and industry leaders to protect consumers.

Kristin Smith, CEO of the Blockchain Association, expressed support for the initiative: "Rooting out bad actors and securing our nation’s digital asset industry are top priorities for Blockchain Association and our members. We support Representatives Nunn and Himes’ Financial Technology Protection Act that seeks to bring together government and industry to strengthen America’s national security and protect digital assets from abuse."

The text of the Financial Technology Protection Act is available for public review.