US House passes act to add crypto industry to team combatting terrorism financing

The United States House of Representatives has unanimously passed the Financial Technology Protection Act, which aims to curb the usage of integer for illicit activities and coercion financing.

Representative Zach Nunn introduced the measure on April 27, 2023, and it was approved connected July 22, 2024.

The bill

The measure aims to found a governmental moving radical composed of cardinal national agencies and backstage assemblage experts. This radical volition absorption solely connected combating coercion and illicit financing connected integer platforms.

The projected radical volition run nether the Treasury Department and see experts from US instrumentality enforcement and the backstage sector. It volition diagnostic 5 crypto manufacture leaders from fiscal exertion oregon blockchain quality companies.

Rep. Nunn emphasized the bill’s value successful protecting Americans portion ensuring entree to integer assets. He said:

“This bipartisan measure volition assistance guarantee the United States is prepared to code information risks and forestall illicit wealth laundering portion besides protecting user prime for each Americans. We indispensable bash some simultaneously to guarantee the semipermanent integrity of integer assets.”

Interestingly, Senators Kirsten Gillibrand (NY) and Ted Budd (NC) introduced a akin measure successful the Senate. However, it has not received the aforesaid level of attraction from the Senate.

US lawmakers progressively pro-crypto

The bill’s transition reflects increasing enactment among US lawmakers for crypto regulations, marked by the caller support of the Financial Innovation and Technology for the 21st Century Act (FIT21).

Additionally, lawmakers attempted to overturn the SEC’s Special Accounting Bulletin (SAB) 121 advisory with a resolution. However, President Joe Biden vetoed this resolution, and efforts to repeal the veto were unsuccessful.

Market observers enactment that these actions item the bipartisan enactment crypto has gathered successful Congress, chiefly arsenic the 2024 elections gully nearer.

The station US House passes enactment to adhd crypto manufacture to squad combatting coercion financing appeared archetypal connected CryptoSlate.