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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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