Finance
Financial Technology Protection Act Passes House, Heads to Senate
The House of Representatives passed a bill on Monday (July 22) that is designed to combat the use of financial technology for illicit finance.
The Financial Technology Protection Act of 2023 (H.R. 2969), sponsored by Rep. Zach Nunn, R-Iowa, establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing under the Department of Treasury and encourages public-private sector partnership in examining issues surrounding illicit finance in the digital asset ecosystem, according to a Monday press release issued by the House Financial Services Committee.
Having passed the House, the bill now goes to the Senate, the House Committee on Financial Services Republicans said in a Monday post on X.
The bill was introduced in the House by Nunn and Rep. Jim Himes, D-Conn., while a companion bill was introduced in the Senate by Sens. Kirsten Gillibrand, D-N.Y. and Ted Budd, R-N.C., Nunn said in an April 2023 press release.
“This bipartisan bill establishes a working group of key federal government departments, intelligence agencies, private organizations and their innovation, as well as private-sector experts to combat terrorism and illicit financing on digital platforms,” Nunn said in remarks delivered to the House before the vote on Monday and posted in a video on YouTube. “The working group will consist of experts to develop legislative and regulatory proposals to tackle anti-money laundering and address security risk, as well as prevent illicit financing activity right here in the United States.”
The U.S. Department of the Treasury said in a report issued in April 2023 that vulnerabilities in decentralized finance (DeFi) are enabling criminals to transfer and launder illicit proceeds.
The primary vulnerability exploited by bad actors is the fact that many DeFi services have failed to implement anti-money laundering and countering the financing of terrorism (AML/CFT) obligations, according to the report.
Other vulnerabilities include some DeFi services not being covered by existing AML/CFT obligations, some jurisdictions having weak or nonexistent AML/CFT controls in this area, and some DeFi services having weak cybersecurity controls.
In October, it was reported that the Hamas attack on Israel may have been funded in part by cryptocurrency, as crypto transactions allow that group and others to bypass traditional banking systems.
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Revenue: €147.4m (down 39% from FY 2023).
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Net income: €22.6m (down 73% from FY 2023).
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Profit margin: 15% (down from 35% in FY 2023). The decrease in margin was driven by lower revenue.
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EPS: €1.62 (down from €5.98 in FY 2023).
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Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) also surpassed analyst estimates by 3.5%.
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The company’s shares are down 9.9% from a week ago.
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Friday was another in the series of dramatic losses in the equity markets as investors pushed financial conditions into negative terrain because of mounting concerns around the costs linked to an expanding trade war.
Given the ever-widening scope of U.S. tariffs, with the next round set to take effect on April 2, the risks to the economic outlook through the financial channel are elevated and rising.
We anticipate that the economies targeted by the tariffs will retaliate in-kind. investors, firm managers and policymakers should also anticipate that retaliation will most likely include the tradeable services sector and not just agriculture, goods and politically sensitive industries like transportation.
Read more of RSM’s insights on the economy and the middle market.
The S&P 500 equity index peaked on Feb. 19 and has since lost 9% of its value with losses in seven of the past nine weekly sessions. On Friday alone, roughly $1.25 trillion in equity valuations were wiped away.
Interestingly, the Russell 2000 index of small cap corporations—a proxy for the health of privately held small and medium-sized businesses—has lost the most ground among the major stock indices.
The RTY index has now lost 17% of its value since peaking on Nov. 25, suggesting a loss of confidence in economic growth that will result in a slower pace of hiring and outlays on capital expenditures that will show up in hard data in the near term.
It is not just the equity market showing excessive levels of risk. Volatility in the Treasury market remains above its long-term average and corporate yield spreads are widening, offering more evidence of the concern over the direction of the economy.
While not yet significantly different than neutral, our RSM US Financial Conditions Index fell below zero on the last Friday of March.
Our index is designed such that negative values indicate increased levels of risk being priced into financial assets. Higher risk implies a higher cost of credit, which will affect the willingness to borrow or to lend that will hamper economic growth.
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