The U.S. House of Representatives Financial Services Committee passed the "Financial Technology Protection Act." The purpose of the Act is to fight the illicit use of digital currencies, including in terrorist financing.
If enacted into law, the bipartisan legislation would:
- create an Independent Financial Technology Task Force in order to address terrorism and illicit financing in the FinTech industry. The Task Force would consist of the Secretary of the Treasury, the U.S. Attorney General, other senior law enforcement and intelligence community leaders, and representatives from the private sector;
- direct the U.S. Treasury Department to issue financial awards for information leading to convictions with respect to the illegal use of digital currencies; and
- establish a FinTech Leadership in Innovation and Financial Intelligence Program to foster the development of tools and programs to combat terrorist and illicit use of digital currencies.
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