The U.S. House of Representatives has passed the Financial Technology Protection Act, establishing a working group to research the illicit use of digital assets and ensure security and consumer protection.
Points
- Financial Technology Protection Act passed by the U.S. House
- Establishes a working group to research the illicit use of digital assets
- Aims to address security risks and prevent illicit money laundering
- Includes members from federal agencies and crypto industry leaders
- Part of broader efforts to regulate and secure the crypto market
Lawmakers in the U.S. House of Representatives have approved the Financial Technology Protection Act by voice vote on July 22. This bill, introduced in April 2023 by Representatives Zach Nunn and Jim Himes, aims to establish a working group to research the illicit use of digital assets and coordinate efforts to address security risks and prevent illicit money laundering.
Representative Nunn emphasized the importance of the bill, stating, “This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans. We must do both simultaneously to ensure the long-term integrity of digital assets.”
The working group established by the bill will include representatives from several federal agencies, such as the Justice Department, Internal Revenue Service, Office of Foreign Assets Control, and five crypto industry leaders. This diverse group aims to combine expertise from both government and private sectors to tackle the challenges associated with digital assets.
The Financial Technology Protection Act is one of several crypto-related bills passed by the House Financial Services Committee in recent months. It follows the approval of the Financial Innovation and Technology for the 21st Century Act （FIT21） in May, which aims to modernize regulations for the digital economy.
The passage of this bill reflects the ongoing efforts by U.S. lawmakers to regulate and secure the rapidly evolving cryptocurrency market. As the crypto industry grows, ensuring security and consumer protection remains a top priority for regulators.
解説
- Security and consumer protection: The bill aims to enhance the security of digital assets and protect consumers from illicit activities.
- Collaboration: The working group includes representatives from federal agencies and the crypto industry, fostering collaboration to address security risks.
- Regulatory efforts: The passage of this bill is part of broader efforts to regulate the cryptocurrency market and ensure its integrity.
- Innovation and regulation: Balancing innovation with security is crucial for the sustainable growth of the digital economy.