WASHINGTON, Monday, July 29, 2024 – The House of Representatives on Monday July 22 approved bipartisan legislation aimed at curbing the use of digital assets for illicit activities.
The Financial Committee’s announcement can be reached here. https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409328
The Financial Technology Protection Act will create a task force to study how fintech, including cryptocurrencies, can be exploited by criminals and terrorists.
The group will comprise officials from various government agencies and representatives from the private sector, including fintech and blockchain companies.
The bill mandates the task force to develop strategies to counter money laundering, terrorist financing, and other financial crimes involving digital assets.
It also directs the group to assess the potential threats posed by digital assets to national security.
The legislation has garnered support from both sides of the aisle, reflecting growing concerns about the misuse of digital currencies. If enacted by the Senate, the bill would mark a significant step in the U.S. government’s efforts to regulate the burgeoning digital asset industry while safeguarding national security.
GovTrack, a legislative tracking website, estimates a 75% chance of the bill becoming law.
