Cryptocurrency bill aimed at combating illicit activity gets new momentum after passing U.S. House of Representatives in 2024
The House bill would create a government task force made up of representatives from the Treasury Department, the Justice Department and the Secret Service to prevent bad actors from acting.
Author: Kamomil Shumba | Edited by: Sheldon Rebeck, Jesse Hamilton 28 Mar 2025, 14:17 UTC
What you need to know:
- U.S. Reps. Zach Nunn (R-Iowa) and Jim Himes (D-Conn.) on Thursday reintroduced the Financial Technology Protection Act, which was approved by the U.S. House of Representatives in the previous session.
- The bill proposes the creation of an interagency law enforcement group to combat illegal cryptocurrency financing, which will include leaders and analysts from the crypto industry.
U.S. Reps. Zach Nunn (R-Iowa) and Jim Himes (D-Conn.) have reintroduced a bill aimed at combating illicit and terrorist financing on digital asset platforms after a previous version approved by the House last year failed to advance in the Senate before the end of the congressional session.
The Financial Technology Protection Act (FTPA), introduced Thursday, includes the creation of an interagency task force, which will also include representatives from the crypto industry, to monitor activity related to terrorism and digital assets.
A previous version of the bill was approved in a routine House vote in July.
“Digital assets are becoming an increasingly important part of the global financial system, and it is imperative that the United States take a measured approach to security and innovation to maintain its leadership position,” Rashan Colbert, director of U.S. policy at the Cryptocurrency Innovation Council, said in a statement in support of the bill.
The proposed working group would include representatives from the Justice Department, the Treasury Department's Financial Crimes Enforcement Network, the Federal Bureau of Investigation, the State Department, the Internal Revenue Service and others.
The bipartisan bill was among several crypto initiatives that gained support in the House last year, and efforts to combat illicit finance have always been at the forefront of lawmakers’ minds — especially Democrats’. The new administration of President Donald Trump has supported and called for digital asset legislation, particularly around regulation of stablecoins and a comprehensive bill that would establish rules for structuring U.S. cryptocurrency markets.
