Financial industry heavyweights pushed legislation Wednesday that would establish a uniform system for authenticating electronic commerce.

Michael Nugent, general counsel for technology and intellectual property at Citibank, told a Senate Banking subcommittee that the current system-in which many states have their own authentication laws-is unworkable.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.