The U.S. House of Representatives on Monday passed bipartisan legislation led by Representative Zach Nunn (IA-03) to disrupt terrorist financing and prevent money laundering through digital assets. The Financial Technology Protection Act, co-led by Rep. Jim Himes (CT-04), passed the House by voice vote with unanimous support.
“We got it done—this bipartisan bill brings government and industry together to crack down on terrorists and criminals using digital assets to launder money and fund terrorist activity,” said Rep. Nunn. “As a combat veteran and cybersecurity leader, I’ve seen firsthand how bad actors exploit financial systems. With this legislation, we’re furthering a national defense strategy that meets the evolving threat head-on.”
The bill would establish an interagency working group of senior federal officials and private sector experts to examine how terrorists and other illicit actors use emerging technologies. Specifically, it would:
- Facilitate government and industry collaboration to disrupt illicit finance
- Research how terrorists exploit digital financial platforms to inform law enforcement and policy decisions
- Propose solutions to prevent bad actors from evading U.S sanctions
The Financial Technology Protection Act is endorsed by the Blockchain Association, Digital Chamber, and key stakeholders in the digital finance community. The bill now awaits consideration by the Senate.
Text of the bill can be found here.
