On July 24th, the House Financial Services Committee will consider legislation entitled the ‘‘Financial Technology Protection Act’’ (HR 5036). This bill, along with several others, will be discussed in front of the full Committee.
The Act is described as seeking:
“To establish an Independent Financial Technology Task Force, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a Fintech Leadership in Innovation Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.”
The Task Force would consist of the following public officials:
- The Secretary of the Treasury (who will chair the Task Force)
- US Attorney General
- Director of the CIA
- Director of FINCEN
- Director of the Secret Service
- Director of the FBI
- along with six other appointed individuals ostensibly selected from the banking and Fintech sector.
HR 5036 is similar to a bill CI previously reported on the “Financial Technology Act.”
The current language of the bill appears to be more geared towards enforcement and defense, especially since members include agencies tasked with protecting the US against illicit activity, as opposed to fostering an environment of innovation and competition in financial services.