Washington, D.C. — Today, Senators Ted Budd (R-NC) and Kirsten Gillibrand (D-NY) introduced the bipartisan Financial Technology Protection Act.

The legislation establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing.

The bill has twice passed the House unanimously in 2018 and 2019.

In the House, the bill is led by Reps. Zach Nunn (R-IA) and Jim Himes (D-CT).

The legislative text of the bill is HERE.

Sen. Budd said in a statement:

“New technological innovations have improved the lives of millions of Americans. Unfortunately, criminals and terrorists are increasingly able to use new financial technologies to wreak havoc on our fellow citizens. Our government needs to take this threat seriously, and that’s why this bill is so important. It takes meaningful strides to help stop the illicit use of new financial technologies.”

Sen. Gillibrand said:

“As innovation in traditional finance continues, we must ensure that our financial systems are equipped to combat the utilization of these new technologies to evade sanctions, finance terrorism, and launder money. The bipartisan Financial Technology Protection Act would establish an independent financial technology working group that would convene regulators, experts and industry stakeholders to identify and address risks in the rapidly evolving financial technology landscape and to develop innovative solutions to keep our financial systems secure. This bipartisan legislation has already passed the House twice, and I look forward to working with Senator Budd to pass this important bill in the Senate.”

Rep. Nunn said:

“Digital assets are quickly emerging as a major way in which we spend money – I want to ensure every American has access and privacy and that our country has protections. This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting freedom for all Americans.  We must do both simultaneously to ensure the long-term integrity of digital assets.”

Rep. Himes said:

“The rapid evolution of our financial systems demands increased attention to reduce risk and combat abuse by terrorist organizations. As Ranking Member of the House Intelligence Committee, I am glad to support this working group which will unite senior members of the Intelligence Community with experts in financial innovation under the shared mission of tracking illicit financing by malicious actors.”