HR 2384
Financial Technology Protection Act of 2025
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Bill overview
The Financial Technology Protection Act of 2025 establishes an Independent Financial Technology Working Group to study the use of digital assets and emerging technologies for terrorism and illicit financing. This group will develop recommendations for improving anti-money laundering and counter-terrorist financing efforts. The Treasury Department will also report on how states and other actors might use these technologies to evade sanctions, and outline a strategy to prevent such activity.
Key provisions
- Creates an Independent Financial Technology Working Group with representatives from various government agencies and the financial technology sector.
- The Working Group will research the use of digital assets and emerging technologies for illicit activities.
- The Working Group will develop legislative and regulatory proposals to combat money laundering and terrorism financing.
- The Treasury Department will report on the potential use of digital assets to evade sanctions.
- The President will submit a strategy to mitigate and prevent the illicit use of digital assets.
- The Working Group will terminate after four years or upon completion of its activities.
- Unobligated funds appropriated for the Working Group will be transferred to the Treasury upon termination.
- Defines key terms such as ‘digital asset,’ ‘emerging technologies,’ and ‘foreign terrorist organization.’
Who is affected
- Financial technology companies
- Blockchain intelligence companies
Sponsors
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Primary sponsor
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119th CONGRESS — 1st Session
H. R. 2384
IN THE HOUSE OF REPRESENTATIVES
A BILL
To establish an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, and for other purposes.
This Act may be cited as the Financial Technology Protection Act of 2025
.
There is established the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing (in this section referred to as the Working Group
), which shall consist of the following:
A senior-level representative from each of the following:
The Office of Terrorism and Financial Intelligence.
The Internal Revenue Service.
The Federal Bureau of Investigation.
The Department of Homeland Security.
The United States Secret Service.
The Department of State.
At least five individuals appointed by the Under Secretary for Terrorism and Financial Crimes to represent the following:
Financial technology companies.
Blockchain intelligence companies.
Financial institutions.
Institutions or organizations engaged in research.
The Working Group shall—
develop legislative and regulatory proposals to improve anti-money laundering, counter-terrorist, and other counter-illicit financing efforts in the United States.
Before the date on which the Working Group terminates under subsection (d)(1), the Working Group shall submit to the appropriate congressional committees a final report detailing the findings, recommendations, and activities of the Working Group, including any final results from the research conducted by the Working Group.
the date that is 4 years after the date of the enactment of this Act; or
Not later than 180 days after the date of the enactment of this Act, the President, acting through the Secretary of the Treasury and in consultation with the head of each agency represented on the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing pursuant to section 2(a)(2), shall submit to the appropriate congressional committees a report that describes—
the potential uses of digital assets and other related emerging technologies by States, non-State actors, foreign terrorist organizations, and other terrorist groups to evade sanctions, finance terrorism, or launder monetary instruments, and threaten the national security of the United States; and
a strategy for the United States to mitigate and prevent the illicit use of digital assets and other related emerging technologies.
The unclassified portion of each report required by paragraph (1) shall be made available to the public and posted on a publicly accessible website of the Department of Treasury—
in precompressed, easily downloadable versions, in all appropriate formats; and
in machine-readable format, if applicable.
In preparing the reports required by paragraph (1), the President may utilize any credible publication, database, or web-based resource, and any credible information compiled by any government agency, nongovernmental organization, or other entity that is made available to the President.
Not later than 2 years after the date of the enactment of this Act, the Secretary of the Treasury shall brief the appropriate congressional committees on the implementation of the strategy required by subsection (a)(1)(B).
In this Act:
The term appropriate congressional committees means—
the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on Foreign Relations, the Committee on Homeland Security and Governmental Affairs, the Committee on the Judiciary, and the Select Committee on Intelligence of the Senate; and
the Committee on Financial Services, the Committee on Foreign Affairs, the Committee on Homeland Security, the Committee on the Judiciary, the Committee on Ways and Means, and the Permanent Select Committee on Intelligence of the House of Representatives.
The term blockchain intelligence company means any business providing software, research, or other services (such as blockchain tracing tools, geofencing, transaction screening, the collection of business data, and sanctions screening) that—
The term digital asset means any digital representation of value that is recorded on a cryptographically secured digital ledger or any similar technology.
emerging technologiesmeans the critical and emerging technology areas listed in the Critical and Emerging Technologies List developed by the Fast Track Action Subcommittee on Critical and Emerging Technologies of the National Science and Technology Council, including any updates to such list.
The term foreign terrorist organization means an organization that is designated as a foreign terrorist organization under section 219 of the Immigration and Nationality Act (8 U.S.C. 1189).
The term illicit use includes fraud, darknet marketplace transactions, money laundering, the purchase and sale of illicit goods, sanctions evasion, theft of funds, funding of illegal activities, transactions related to child sexual abuse material, and any other financial transaction involving the proceeds of specified unlawful activity (as defined in section 1956(c) of title 18, United States Code).
The term terrorist includes a person carrying out domestic terrorism or international terrorism (as such terms are defined, respectively, under section 2331 of title 18, United States Code).