Representative Zach Nunn (IA-03) today introduced new legislation to strengthen America’s national security and protect digital assets. The bipartisan Financial Technology Protection Act of 2023 would establish a working group among key federal government departments and intelligence agencies to help combat terrorism and illicit financing on digital platforms.
“Digital assets are quickly emerging as a major way in which we spend money. I want to ensure every American has access and is protected,” said Rep. Zach Nunn. “This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting freedom for all Americans. We must do both simultaneously to ensure the long-term integrity of digital assets.”
The Financial Technology Protection Act of 2023 would protect the emerging digital assets space by:
- Establishing a working group with senior level representation from Department of Justice, United States Secret Service, Financial Crimes Enforcement Network, Federal Bureau of Investigation, Department of State, Drug Enforcement Administration, Internal Revenue Service, Department of Homeland Security, Office of Foreign Assets Control and Central Intelligence Agency. The working group would also include five crypto industry leaders from financial technology companies, financial institutions, institutions or organizations engaged in research, and blockchain intelligence companies.
- Researching transactions related to terrorism and illicit financial technology, such as digital assets.
- Proposing legislation to help prevent money laundering, improve counter-terrorist activity, and counter illicit financing in the U.S.
This bill is being introduced by Rep. Nunn and Representative Jim Himes (CT-04) in the House. A companion bill is being introduced in the U.S. Senate by Senators Kirsten Gillibrand (NY) and Ted Budd (NC).
The full text of the bill can be read here.