American representatives Zach Nunn (R-Iowa) and Jim Himes (D-Conn.) Reintroduated a bill to help fight illicit finances and terrorist financing on digital asset platforms after the previous version approved the House of Representatives last year failed to progress in the Senate before the end of the session of the Congress.
The Financial Technology Protection Law (FTPA) introduced on Thursday would establish a work group between agencies, which also includes experts in the cryptographic industry, to analyze the activity related to terrorism and digital assets.
The July Chamber eliminated an earlier version of the bill in a routine vote in July.
“Digital assets are an increasingly comprehensive part of the global financial system, and it is essential that the United States adopt a reflective approach to security and innovation to maintain its leadership position,” the director of the American policy of the Crypto Council for Innovation, said Rashan Colbert in a statement that supports the bill.
The proposed working group would include representatives of the Department of Justice, the Treasury Financial Crimes Control Network, the Federal Investigation Office, the State Department, the Internal Revenue Service and others.
This bipartisan bill was among several cryptographic initiatives that won the support of the house last year, and efforts to address illicit financing concerns have always been among the main problems that legislators, especially the Democrats, have tried to promulgate. The new administration of President Donald Trump has adopted and requested a digital asset legislation, but more markedly for the regulation of Stablecoin and a comprehensive bill to establish the rules to structure the crypto markets of the United States.
