Political Quotes

“I rise in support of H.R. 2384, the Financial Technology Protection Act sponsored by Representative Nunn and Representative Himes. This bill seeks to establish the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, and for other purposes. This group is made up of both Federal agencies, companies dealing with financial technology, and companies that engage in researching the impact of financial technologies in global markets. It will be tasked with evaluating emerging financial technologies, including digital assets, to assess their potential use in combating terrorism and illicit activities. It will conduct research on how bad actors may exploit these technologies and recommend legal and regulatory improvements to Congress and relevant agencies. Additionally, the working group will develop a strategy to address sanctions, evasion, and other illicit finance concerns. The bill mandates that the group issue an annual report for 4 years providing updates on its findings and recommendations. Why is this needed? We know that Russia has used crypto exchanges and alternative payment platforms to try to bypass the sanctions imposed after its brutal and unlawful invasion of Ukraine.”