119-hr2384

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2384 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 2384

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 22, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 AN ACT

 To establish an Independent Financial Technology Working Group to 
 Combat Terrorism and Illicit Financing, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Financial Technology Protection Act 
of 2025''.

SEC. 2. INDEPENDENT FINANCIAL TECHNOLOGY WORKING GROUP TO COMBAT 
 TERRORISM AND ILLICIT FINANCING.

    (a) Establishment.--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:

    (1) The Secretary of the Treasury, acting through the Under 
 Secretary for Terrorism and Financial Crimes, who shall serve 
 as the chair of the Working Group.

    (2) A senior-level representative from each of the 
 following:
        (A) The Department of the Treasury.
        (B) The Office of Terrorism and Financial 
 Intelligence.
            (C) The Internal Revenue Service.
            (D) The Department of Justice.
        (E) The Federal Bureau of Investigation.
        (F) The Drug Enforcement Administration.
        (G) The Department of Homeland Security.
        (H) The United States Secret Service.
            (I) The Department of State.
        (J) The Office of the Director of National 
 Intelligence.

    (3) At least five individuals appointed by the Under 
 Secretary for Terrorism and Financial Crimes to represent the 
 following:
        (A) Financial technology companies.
        (B) Blockchain intelligence companies.
            (C) Financial institutions.
            (D) Institutions or organizations engaged in 
 research.
        (E) Institutions or organizations focused on 
 individual privacy and civil liberties.

    (4) Such additional individuals as the Secretary of the 
 Treasury may appoint as necessary to accomplish the duties 
 described under subsection

    (b) .

    (b) Duties.--The Working Group shall--

    (1) conduct research on terrorist and illicit use of 
 digital assets and other related emerging technologies; and

    (2) develop legislative and regulatory proposals to improve 
 anti-money laundering, counter-terrorist, and other counter-
 illicit financing efforts in the United States.
            (c) Reports.--

    (1) In general.--Not later than one year after the date of 
 the enactment of this Act, and annually for the 3 years 
 thereafter, the Working Group shall submit to the Secretary of 
 the Treasury, the heads of each agency represented in the 
 Working Group pursuant to subsection

    (a)

    (2) , and the 
 appropriate congressional committees a report containing the 
 findings and determinations made by the Working Group in the 
 previous year and any legislative and regulatory proposals 
 developed by the Working Group.

    (2) Final report.--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.
            (d) Sunset.--

    (1) In general.--The Working Group shall terminate on the 
 later of--
        (A) the date that is 4 years after the date of the 
 enactment of this Act; or
        (B) the date on which the Working Group completes 
 any wind-up activities described under paragraph

    (2) .

    (2) Authority to wind up activities.--If there are ongoing 
 research, proposals, or other related activities of the Working 
 Group ongoing as of the date that is 4 years after the date of 
 the enactment of this Act, the Working Group may temporarily 
 continue working in order to wind-up such activities.

    (3) Return of appropriated funds.--On the date on which the 
 Working Group terminates under paragraph

    (1) , any unobligated 
 funds appropriated to carry out this section shall be 
 transferred to the Treasury.

SEC. 3. PREVENTING ROGUE AND FOREIGN ACTORS FROM EVADING SANCTIONS.

    (a) Report and Strategy With Respect to Digital Assets and Other 
Related Emerging Technologies.--

    (1) In general.--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--
        (A) 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
        (B) a strategy for the United States to mitigate 
 and prevent the illicit use of digital assets and other 
 related emerging technologies.

    (2) Form of report; public availability.--
        (A) In general.--The report required by paragraph

    (1) shall be submitted in unclassified form, but may 
 include a classified annex.
        (B) Public availability.--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 the Treasury--
            (i) in precompressed, easily downloadable 
 versions, in all appropriate formats; and
            (ii) in machine-readable format, if 
 applicable.

    (3) Sources of information.--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.

    (b) Briefing.--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) .

SEC. 4. DEFINITIONS.

 In this Act:

    (1) Appropriate congressional committees.--The term 
 ``appropriate congressional committees'' means--
        (A) 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
        (B) 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.

    (2) Blockchain intelligence company.--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--
        (A) support private and public sector 
 investigations and risk management activities; and
        (B) involve cryptographically secured distributed 
 ledgers or any similar technology or implementation.

    (3) Digital asset.--The term ``digital asset'' means any 
 digital representation of value that is recorded on a 
 cryptographically secured digital ledger or any similar 
 technology.

    (4) Emerging technologies.--The term ``emerging 
 technologies'' means 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.

    (5) Foreign terrorist organization.--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).

    (6) Illicit use.--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).

    (7) Terrorist.--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).

 Passed the House of Representatives July 21, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.