American representatives Zach Nunn (R-IOWA) and Jim Himes (D-CONN.) Recorded a bill to help fight illegal finance and terrorist funding on digital asset platforms after the previous version adopted the House of Representatives last year did not progress in the Senate before the end of the session of the Congress.
The law on the protection of financial technologies (FTPA) introduced Thursday would set up a working group interinstitutions, including also the initiates of the cryptographic industry, to examine the activity linked to terrorism and digital assets.
A previous version of the bill was authorized during a routine vote by the House in July.
“Digital assets are increasingly an integral part of the global financial system, and it is essential that the United States is adopting a thoughtful approach to security and innovation to maintain its management position,” the director of American policy said in the Crypto Council for Innovation, said Rashan Colbert in a statement supporting the bill.
The proposed working group would include representatives from the Ministry of Justice, the Treasury Financial Division Execution Network, the Federal Bureau of Investigation, the Department of State, the Internal Revenue Service and others.
This bipartite bill was among several cryptographic initiatives which won the support of the Chamber last year, and efforts to answer the problems of illicit financing have always been among the main questions that legislators – in particular Democrats – have sought to implement. President Donald Trump’s new administration has adopted and called for digital asset legislation, but more particularly for the regulation of stablescoin and a full bill to establish the rules for structuring American cryptographic markets.
