The U.S. House of Representatives passed the "Fintech Protection Act" targeting the illegal use of cryptocurrency

ChainCatcher news, according to Cointelegraph, U.S. House members voted to support legislation to establish a task force to study the illegal use of digital assets.

The majority of House members approved the Financial Technology Protection Act through a voice vote. The bill was introduced by Representatives Zach Nunn and Jim Himes in April 2023, aiming to address how "rogue nations and foreign actors" exploit cryptocurrencies to evade sanctions by coordinating efforts among multiple federal agencies.

Representative Nunn stated, "This bipartisan bill will help ensure that the United States is prepared to address security risks and prevent illegal money laundering while protecting the consumer choice of all Americans. We must do both to ensure the long-term integrity of digital assets."