North Carolina’s 13th Congressional District’s own Representative, Tedd Budd, has reportedly revived the Financial Technology Protection Act this past Wednesday as the US lawmakers’ latest attempt to combat crypto-financed illicit activities. Budd will notably be joined by several fellow representatives, namely Stephen Lynch (D-MA), Darren Soto (D-FL), Byron Donalds (R-FL), and Warren Davidson (R-OH) as co-sponsors for the reintroduced bill.
The particular bill, which was notably introduced two times before already (February 2018 and January 2019), entails the establishment of an Independent Financial Technology Task Force to mitigate or battle terrorism and criminal financing by way of digital assets. On top of that, it also aims to provide substantial rewards to those who could provide information that may lead to criminal convictions related to the particular niche.
According to Rep. Ted Budd, terrorists and criminals are now doing their best to capitalize on digital assets’ surging interest to bolster their illicit activities. And now that the world is moving into the digital age, such instances will most likely be more prominent. He then finishes up by stating that his bill has the power to put a stop to just that while also reiterating that it has already passed twice unanimously on the House of Representatives. Now, Budd aims for the bill to become law this 2021 officially.