The U.S. House of Representatives recently passed bipartisan legislation that would support a working group to investigate the use of digital assets in illicit financing.
The Financial Technology Protection Act would bring together private sector officials and a wide range of government departments to develop reports on how fintech can be used to finance illegal entities and terrorism.
The working group would also be charged with issuing regulatory and legislative recommendations related to anti-money laundering and illicit financing efforts.
The legislation specifically calls on the working group to investigate how digital assets can be used by state and non-state actors to threaten the national security of the United States.
The House passed the bill on Monday and the potential legislation will go to the Senate for consideration. The legislative tracker GovTrack estimates that the bill has a 75% chance of passing.
If the bill is passed as is, the working group will include officials from the Financial Crimes Enforcement Network (FinCEN), the Internal Revenue Service (IRS), the Office of Foreign Assets Control (OFAC), the Federal Bureau of Investigation (FBI), the Department of Homeland Security (DHS), the Central Intelligence Agency (CIA), the Drug Enforcement Administration (DEA), and the Department of State.
The Secretary of State for Terrorism and Financial Intelligence will also be charged with appointing individuals representing fintech companies, blockchain intelligence companies, financial institutions, research institutions, and civil liberties/privacy-focused organizations.
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Generated image: Midjourney