Washington, D.C. - Yesterday, U.S. Representative Stephen Lynch (D-MA) and U.S. Representative Ted Budd (R-NC) reintroduced their bipartisan legislation, H.R. 56, the Financial Technology Protection Act, which will help stop the illicit use of new financial technologies.
Last year, the Financial Technology Protection Act (H.R. 5036), passed both the House Financial Services Committee and the House of Representatives with unanimous support. The Financial Technology Protection Act brings industry insiders and federal regulators together to find best practices and solutions to stop the problem of illicit use of new financial technologies. Additionally, the legislation, if enacted, would create a reward pool for innovation in stopping terrorist use of cryptocurrencies and creates a targeted rewards program for information leading to the capture of terrorists and other illicit actors using cryptocurrencies for terrorism or other nefarious purposes.
Reps. Lynch and Budd released the following joint statement after introduction of H.R. 56:
“When our bill passed the House unanimously last session, Congress showed that it understands that illicit financing networks are the linchpin of any terrorist or criminal organization’s operations. As we move into an increasingly digital and technology centered world, criminals and terrorists will start to use new technologies that are available to them. H.R. 56 will help put a stop to this trend. We hope to gain on the tremendous ground made in the House last session and find a way to move H.R. 56 in the Senate.”
The text of the Financial Technology Protection Act, H.R. 56, can be read here.