The Digital Chamber (TDC) proudly supports the bipartisan introduction of the “Empowering Law Enforcement to Combat Financial Fraud Act” led by Representatives Nunn, Gottheimer, and Fitzgerald. This crucial legislation marks a significant advancement in the ongoing battle against the growing threats of financial fraud, particularly those targeting vulnerable populations such as seniors. 

As the blockchain and digital asset industries evolve, so do the tactics of those exploiting these technologies for illicit purposes. This Act appropriately addresses the need for clearer guidelines, enhanced resources, and better tools for State, local, and Tribal law enforcement agencies to combat complex financial crimes, including “pig butchering” scams. 

By allowing eligible Federal grant funds to be used for investigating senior financial fraud, pig butchering, and other forms of financial fraud, the Act ensures that law enforcement agencies nationwide have the training, personnel, and technological tools needed to effectively address these sophisticated crimes. Additionally, the Act’s proposal for Federal law enforcement agencies to assist in using blockchain tracing tools demonstrates a pragmatic approach to leveraging advanced technologies in the pursuit of justice. 

TDC is particularly encouraged by the Act’s emphasis on interagency collaboration, training, and the responsible use of blockchain technology. These elements are crucial in ensuring that law enforcement agencies are not only equipped to investigate and prosecute financial fraud but also to protect victims and prevent these crimes from occurring in the first place. 

TDC commends Representative Nunn for his leadership and urges the swift passage of this critical bill.