United

Biden

Joe Biden

Lawmakers in the United States House of Representatives voted in favor of legislation to establish a working group researching the illicit use of digital assets.
A majority of House members <a href="https://www.congress.gov/bill/118th-congress/house-bill/2969/all-actions" target="_blank" rel="noopener noreferrer nofollow">approved</a> the Financial Technology Protection Act by voice vote on July 22. The bill, introduced in April 2023 by Representatives Zach Nunn and Jim Himes, aims to address how “rogue and foreign nations” could use crypto to evade sanctions by having members of several federal agencies coordinate their efforts.
“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,” <a href="https://nunn.house.gov/2024/07/22/nunn-bill-to-protect-americans-digital-assets-passes-house/" target="_blank" rel="noopener noreferrer nofollow">said</a> Representative Nunn. “We must do both simultaneously to ensure the long-term integrity of digital assets.”
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-07/bcb4c573-c005-4f25-8c81-cf3e05b61068.png" alt="Bill targeting illicit use of crypto passes US House" title="">
 <figcaption style="text-align: center;">Actions on&nbsp;H.R.2969, the Financial Technology Protection Act. Source: Congress.gov
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According to Representative Nunn, the working group established by the bill’s passage would include “five crypto industry leaders” from related private-industry firms and representatives from the Justice Department, Internal Revenue Service, Office of Foreign Assets Control and other federal agencies.
Related: <a href="https://cointelegraph.com/news/law-enforcement-struggles-sophisticated-crypto-laundering" rel="noopener noreferrer nofollow">How law enforcement struggles with sophisticated crypto laundering</a>
The Financial Technology Protection Act was one of the few crypto-related bills lawmakers <a href="https://cointelegraph.com/news/us-lawmakers-invoke-ftx-spar-direction-crypto-bills" rel="noopener noreferrer nofollow">passed out of the House Financial Services Committee</a> in July 2023. The Financial Innovation and Technology for the 21st Century (FIT21) Act was sent out of committee and <a href="https://cointelegraph.com/news/fit21-crypto-bill-house-vote-bipartisan" rel="noopener noreferrer nofollow">approved by House members</a> in May. The bill is expected to go to the Senate for approval.
It’s unclear if events surrounding the US election could impact how lawmakers approach crypto legislation before and after November. Before he announced he would not be running for reelection, President Joe Biden <a href="https://cointelegraph.com/news/house-representatives-vote-biden-veto-overturn-sec-rule" rel="noopener noreferrer nofollow">vetoed a resolution</a> approved in the House and Senate that would have overturned a Securities and Exchange Commission rule on banks recording crypto as a liability on their balance sheets.
Magazine: <a href="https://cointelegraph.com/magazine/ethereum-ico-blockchain-forensics-double-spending-debate/" rel="noopener noreferrer nofollow">Decade after Ethereum ICO: Blockchain forensics end double-spending debate</a>

Bill targeting illicit use of crypto passes US House

Cointelegraph

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