Financial Technology Protection Act of 2025

Floor Speech

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Mr. NUNN of Iowa. Mr. Speaker, I thank Chairman Hill for his leadership on this, as well as Ranking Member Waters.

I rise today in strong support of H.R. 2384, the Financial Technology Protection Act of 2025, a bill that I am honored to both lead and author that was created out of a vast network of partnership on both sides of the aisle.

Mr. Speaker, as you know, this Congress cemented the United States as the crypto capital of the world. The leadership of Members of this Chamber on both sides took meaningful steps to lay a foundation for a robust digital asset framework, one that fosters innovation, creates clarity, and protects consumers.

Now we can start making sure that this foundation is built in a safe and secure way for every American. We build directly on the momentum and the strength of our national security posture at this very critical time.

We all know that blockchain technology and digital assets are here to stay, and it is good that they are here in America. The question is not whether this technology will shape the future. It is whether the U.S. or other competitors, particularly those in China and the Chinese Communist Party, will write the rules of the road for the future.

As a counterintelligence officer, I have seen firsthand how terrorists and hostile regimes weaponize technology for illicit finances and cybercrime. That includes the use of anonymous digital platforms to launder money, to fund terrorism, and to bypass the very sanctions this Chamber has helped lead.

However, the transparency and traceability of blockchain enhances our law enforcement's ability to intercept these threats, recover stolen funds, and deliver justice for everyday Americans.

In fact, just weeks ago, the U.S. Department of Justice used blockchain analytics to intercept over a quarter of a million dollars intended to go to deadly Hamas terrorists who would have used it to threaten U.S. forces in the region.

Last year, the United States, working with our international partners, utilized blockchain technology to help dismantle a Russian money laundering scheme that seized more than $22 million in illicit funds, many of those taken from Americans right here at home.

This is a threat to America's very national security. From dollar- backed digital assets, we have the ability to help not only defend our men and women serving on the front line from illicit actors who would use weapons bought with this technology to threaten them, to the very mothers, fathers, and grandparents who are being taken advantage of by foreign actors to steal their money to fund this type of threat.

Mr. Speaker, this bipartisan bill establishes a working group, a task force of sorts, of key Federal agencies that include our intelligence experts, private organizations, and private sector leaders who are experienced in this, all focused on combating terrorism and illicit finance on digital platforms.

This team is helping to develop the legislative technology infusion of critical information to help establish the best techniques, tactics, and procedure to be able to stop this at its very inception.

By preventing money laundering and addressing national security risks, we are able to help stop the illicit finance activities that do real harm to the United States.

By passing this bill, we strengthen national security, protect digital assets, and ensure the next generation of financial and technological innovation is created right here in the U.S.

I thank Chairman Hill for his leadership and long vision in making this happen. I particularly express my gratitude to my Democratic colleague Representative Jim Himes, who is also the ranking member on the House Intelligence Committee, the HPSCI, and who knows firsthand the threats that are posed. I also thank Senator Ted Budd, who is championing this effort in the Senate.

Together, we have worked on this vital legislation for empowering our government, as well as our private sector leaders to be the vanguard in protecting our Nation.

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