US Congress gives a go-sign for HR 56 – Financial Technology Protection Act bill

The bill named H.R. 56 – Financial Technology Protection Act, which pertains to the digital assets and establishment of a separate Financial Technology Task Force, was recently given a go-sign from the Congress.

The H.R. 56 – Financial Technology Protection Act bill was introduced in the House on January 03, 2019, and was sponsored by Rep. Davidson, Warren, Rep. Soto, Darren, Rep. Meadows, Mark, and Rep. Lynch, Stephen F.

On the official Congress website, the details of the bill were published, which stated:

“To establish an Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a Fintech Leadership in Innovation and Financial Intelligence Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.”

The latest action on the bill was taken on January 29, 2019, as per the official website of the Congress. Other specifics of the bill include investigation for new financial technologies [e.g., digital currencies] and their use in terrorism and other illicit activities, installation of a new force, the ‘Independent Financial Technology Task Force’.

The task force will combat terrorism and illicit financing and will research terrorist and illicit use of new financial technologies and issue an annual report. Furthermore, the bill directs the Department of the Treasury to provide a reward for a person who provides information leading to the conviction of an individual involved with the terrorist use of digital currencies.

In addition, the bill establishes the FinTech Leadership in Innovation and Financial Intelligence Program to support the development of tools and programs to detect terrorist and illicit use of digital currencies.

This is yet another bill that was passed in the US Congress for the support and further development of digital assets, the first bill The Token Taxonomy Act, which was introduced in late December of 2018 by Rep. Warren Davidson.

However, a prominent attorney, Jake Chervinsky, tweeted about the bill’s reintroduction into Congress, he tweeted:

“I don’t know if there’s any validity to the rumor that the Token Taxonomy Act will be reintroduced in Congress on February 14, but even if true, there will be months or years of Committee hearings & revisions before the bill could even possibly see a vote. Don’t hold your breath.”

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