On the recordJanuary 28, 2019
So as we continue to witness and embrace rapid digital innovation in the traditional banking and finance sector, it is urgent that government and industry work together to adopt and deploy regulatory protocols such as blockchain technologies to protect the integrity of digital financial systems against abuse. To this end, our legislation, the Financial Technology Protection Act, would establish an independent task force consisting of both public and private stakeholders to address the threat of exploitation of new financial technologies by terrorists and other malign actors. It would also authorize innovative fintech grants to enhance the ability of U.S. companies, academic institutions, nonprofit organizations, and other private-sector entities to develop new tools designed to protect against criminal use of cryptocurrencies and enhance U.S. competitiveness in global financial markets. Moreover, the bill would authorize a rewards program for individuals who provide information leading to the conviction of those who use digital currency systems for terrorist purposes. Mr. Speaker, I urge my colleagues on both sides of the aisle to support H.R. 56. Mr. McHENRY. Mr. Speaker, I yield 5 minutes to the gentleman from North Carolina (Mr. Budd), who is from the great metropolis of Advance in Davie County and who is a leader in fintech.
