Budd Led Financial Technology Protection Act Passes Committee 57-0

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Washington, July 24, 2018 | comments
As new financial products and technologies, including digital currency, continue to change and move, we need to make sure those currencies are not being used by illicit actors and terrorist organizations to escape a money trail. My bill adopts a number of tools to achieve this goal.
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Washington D.C. – U.S. Representative Ted Budd (R-NC) released the following statement after H.R. 5036, the Financial Technology Protection Act, passed through House Financial Services Committee markup:

“Today, H.R. 5036, the Financial Technology Protection Act was passed through the House Financial Services Committee on a bipartisan vote of 57-0. As new financial products and technologies, including digital currency, continue to change and move, we need to make sure those currencies are not being used by illicit actors and terrorist organizations to escape a money trail. My bill adopts a number of tools to achieve this goal.”

“HR 5036 establishes the ‘Fintech Leadership in Innovation and Financial Intelligence Program’ which will be used for grants and rewards in the FinTech space for ideas and programs to combat terrorist use of digital currencies. Experts in the private sector can track illicit use of these currencies and perhaps do a better job of leveraging their talent to create tools and programs through the program.

“I want to thank my colleague from Massachusetts, Rep. Stephen Lynch, for leading this legislation with me. He said it best in committee today that our work on the Terrorism and Illicit Finance Subcommittee is truly bipartisan, and he is exactly right. I cannot thank him and his staff enough for their support on this.”

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