Key Takeaways
- The Monetary Expertise Safety Act was reintroduced after passing the Home in 2024.
- The invoice would create an interagency group with authorities and Bitcoin trade members.
- The main focus is on stopping terrorism financing and illicit exercise involving digital belongings.
On Thursday, Representatives Zach Nunn (R-Iowa) and Jim Himes (D-Conn.) reintroduced the Monetary Expertise Safety Act (FTPA), a bipartisan effort to fight illicit finance and terrorism funding via digital belongings.
Legislative historical past
The invoice initially handed the U.S. Home in July 2024 however did not advance within the Senate earlier than the congressional session ended.
The reintroduced laws proposes the creation of an interagency working group comprising officers from the Division of Justice, the Monetary Crimes Enforcement Community, the FBI, the IRS, the State Division, and others.
Collaboration with the non-public sector
Importantly, the working group would additionally embody analysts and representatives from the Bitcoin trade to make sure collaboration with the non-public sector.
Mandate and targets
The group’s mandate could be to check and reply to criminality involving digital belongings, particularly within the context of terrorism financing.
In line with supporters, this initiative goals to strengthen nationwide safety whereas supporting innovation.
Help from trade leaders
Rashan Colbert, Director of U.S. Coverage on the Crypto Council for Innovation, backed the invoice, stating:
Digital belongings are an more and more integral a part of the worldwide monetary system, and it’s important that the US takes a considerate strategy to safety and innovation to keep up its management place.
Broader legislative context
The FTPA is a part of a broader push underneath the Trump administration for digital asset laws.
Whereas the administration has centered extra closely on stablecoin guidelines and broader market construction, illicit finance stays a bipartisan concern with momentum on Capitol Hill.