On 22 July 2024, the Financial Technology Protection Act of 2023 (HR 2969) was passed by the House of Representatives. The Act proposes the establishment of an independent Financial Technology Working Group tasked with researching the terrorist and illicit uses of new financial technologies, including digital assets. The Working Group would develop legislative and regulatory proposals aimed at enhancing anti-money laundering, counter-terrorist financing, and other efforts to combat illicit financing. It would report its findings to the Secretary of the Treasury and congressional committees. The reports would outline how digital assets and related emerging technologies could be exploited by states, non-state actors, foreign terrorist organisations, and other terrorist groups to evade sanctions, finance terrorism, launder money, and threaten US national security.
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