Contact Congress about S. 1340: Financial Technology Protection Act of 2023
The bill would have federal agencies and outside experts study how digital assets are used for crime. They would report findings and suggest possible new laws or rules. The President would also have to give Congress a strategy for stopping this kind of illegal finance.
Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
Financial Technology Protection Act of 2023 is a Senate bill in Congress.
Who this affects: This bill mainly affects federal agencies that work on financial crime, sanctions, terrorism, and intelligence. It also affects digital asset companies, financial technology firms, blockchain analysis companies, banks, and research groups because they may help shape future rules. Regular users of digital assets would not face direct new rules from this bill alone. Any direct effect on them would depend on later laws or regulations.
Why this matters: Digital assets can move money quickly, and bad actors may use them to hide or move illegal funds. This bill tries to give the government a clearer picture of those risks before changing the law. It could lead to future rules for digital asset companies and financial institutions. But the bill itself only creates studies, reports, and recommendations.
Key provisions in S. 1340
- Creates a new federal working group on financial technology and illegal finance. The Treasury Under Secretary for Terrorism and Financial Intelligence would chair it.
- Many federal agencies must take part. They include the Financial Crimes Enforcement Network, Internal Revenue Service, Office of Foreign Assets Control, FBI, Drug Enforcement Administration, Department of Homeland Security, Secret Service, State Department, and Central Intelligence Agency.
- Five outside experts would join the group. They would represent financial technology firms, blockchain analysis companies, financial institutions, and research groups.
- The group must study how terrorists and other bad actors use new financial tools. That includes digital assets, such as cryptocurrency.
- The group must write specific ideas for stronger laws and rules. The focus is money laundering, terrorism financing, and other illegal finance.
How Modern Action helps you take action on S. 1340
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
Questions people ask about S. 1340
- What is S. 1340?
- The bill would have federal agencies and outside experts study how digital assets are used for crime. They would report findings and suggest possible new laws or rules. The President would also have to give Congress a strategy for stopping this kind of illegal finance.
- How do I support or oppose S. 1340?
- Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.
- Who should I contact about S. 1340?
- Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.
- Can Modern Action explain S. 1340 before I act?
- Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.
