Des Moines Sun

The U.S. House of Representatives has passed a bipartisan bill led by Representative Zach Nunn from Iowa's 3rd District. The legislation, known as the Financial Technology Protection Act, aims to disrupt terrorist financing and prevent money laundering through digital assets. Co-led by Representative Jim Himes of Connecticut's 4th District, the bill was approved by voice vote with unanimous support.

Representative Nunn commented on the achievement, stating, "We got it done—this bipartisan bill brings government and industry together to crack down on terrorists and criminals using digital assets to launder money and fund terrorist activity." He added that his experience as a combat veteran and cybersecurity leader has shown him how bad actors exploit financial systems.

The proposed legislation would create an interagency working group composed of senior federal officials and private sector experts. This group would examine how terrorists and other illicit actors use emerging technologies. The key objectives include facilitating collaboration between government and industry to disrupt illicit finance, researching how terrorists exploit digital financial platforms to inform law enforcement and policy decisions, and proposing solutions to prevent evasion of U.S sanctions.

The Financial Technology Protection Act is endorsed by organizations such as the Blockchain Association, Digital Chamber, and other stakeholders in the digital finance community. The bill now moves forward for consideration by the Senate.