I
119THCONGRESS
1
STSESSION H. R. 2384
To establish an Independent Financial Technology Working Group to Combat
Terrorism and Illicit Financing, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH26, 2025
Mr. N
UNNof Iowa (for himself and Mr. HIMES) introduced the following bill;
which was referred to the Committee on Financial Services
A BILL
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 Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Financial Technology 4
Protection Act of 2025’’. 5
SEC. 2. INDEPENDENT FINANCIAL TECHNOLOGY WORKING 6
GROUP TO COMBAT TERRORISM AND ILLICIT 7
FINANCING. 8
(a) E
STABLISHMENT.—There is established the Inde-9
pendent Financial Technology Working Group to Combat 10
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Terrorism and Illicit Financing (in this section referred 1
to as the ‘‘Working Group’’), which shall consist of the 2
following: 3
(1) The Secretary of the Treasury, acting 4
through the Under Secretary for Terrorism and Fi-5
nancial Crimes, who shall serve as the chair of the 6
Working Group. 7
(2) A senior-level representative from each of 8
the following: 9
(A) The Department of Treasury. 10
(B) The Office of Terrorism and Financial 11
Intelligence. 12
(C) The Internal Revenue Service. 13
(D) The Department of Justice. 14
(E) The Federal Bureau of Investigation. 15
(F) The Drug Enforcement Administra-16
tion. 17
(G) The Department of Homeland Secu-18
rity. 19
(H) The United States Secret Service. 20
(I) The Department of State. 21
(J) The Office of the Director of National 22
Intelligence. 23
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(3) At least five individuals appointed by the 1
Under Secretary for Terrorism and Financial 2
Crimes to represent the following: 3
(A) Financial technology companies. 4
(B) Blockchain intelligence companies. 5
(C) Financial institutions. 6
(D) Institutions or organizations engaged 7
in research. 8
(E) Institutions or organizations focused 9
on individual privacy and civil liberties. 10
(4) Such additional individuals as the Secretary 11
of the Treasury may appoint as necessary to accom-12
plish the duties described under subsection (b). 13
(b) D
UTIES.—The Working Group shall— 14
(1) conduct research on terrorist and illicit use 15
of digital assets and other related emerging tech-16
nologies; and 17
(2) develop legislative and regulatory proposals 18
to improve anti-money laundering, counter-terrorist, 19
and other counter-illicit financing efforts in the 20
United States. 21
(c) R
EPORTS.— 22
(1) I
N GENERAL.—Not later than one year 23
after the date of the enactment of this Act, and an-24
nually for the 3 years thereafter, the Working Group 25
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shall submit to the Secretary of the Treasury, the 1
heads of each agency represented in the Working 2
Group pursuant to subsection (a)(2), and the appro-3
priate congressional committees a report containing 4
the findings and determinations made by the Work-5
ing Group in the previous year and any legislative 6
and regulatory proposals developed by the Working 7
Group. 8
(2) F
INAL REPORT.—Before the date on which 9
the Working Group terminates under subsection 10
(d)(1), the Working Group shall submit to the ap-11
propriate congressional committees a final report de-12
tailing the findings, recommendations, and activities 13
of the Working Group, including any final results 14
from the research conducted by the Working Group. 15
(d) S
UNSET.— 16
(1) I
N GENERAL.—The Working Group shall 17
terminate on the later of— 18
(A) the date that is 4 years after the date 19
of the enactment of this Act; or 20
(B) the date on which the Working Group 21
completes any wind-up activities described 22
under paragraph (2). 23
(2) A
UTHORITY TO WIND UP ACTIVITIES .—If 24
there are ongoing research, proposals, or other re-25
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lated activities of the Working Group ongoing as of 1
the date that is 4 years after the date of the enact-2
ment of this Act, the Working Group may tempo-3
rarily continue working in order to wind-up such ac-4
tivities. 5
(3) R
ETURN OF APPROPRIATED FUNDS .—On 6
the date on which the Working Group terminates 7
under paragraph (1), any unobligated funds appro-8
priated to carry out this section shall be transferred 9
to the Treasury. 10
SEC. 3. PREVENTING ROGUE AND FOREIGN ACTORS FROM 11
EVADING SANCTIONS. 12
(a) R
EPORT ANDSTRATEGYWITHRESPECT TODIG-13
ITALASSETS ANDOTHERRELATEDEMERGINGTECH-14
NOLOGIES.— 15
(1) I
N GENERAL.—Not later than 180 days 16
after the date of the enactment of this Act, the 17
President, acting through the Secretary of the 18
Treasury and in consultation with the head of each 19
agency represented on the Independent Financial 20
Technology Working Group to Combat Terrorism 21
and Illicit Financing pursuant to section 2(a)(2), 22
shall submit to the appropriate congressional com-23
mittees a report that describes— 24
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(A) the potential uses of digital assets and 1
other related emerging technologies by States, 2
non-State actors, foreign terrorist organiza-3
tions, and other terrorist groups to evade sanc-4
tions, finance terrorism, or launder monetary 5
instruments, and threaten the national security 6
of the United States; and 7
(B) a strategy for the United States to 8
mitigate and prevent the illicit use of digital as-9
sets and other related emerging technologies. 10
(2) F
ORM OF REPORT; PUBLIC AVAILABILITY.— 11
(A) I
N GENERAL.—The report required by 12
paragraph (1) shall be submitted in unclassified 13
form, but may include a classified annex. 14
(B) P
UBLIC AVAILABILITY.—The unclassi-15
fied portion of each report required by para-16
graph (1) shall be made available to the public 17
and posted on a publicly accessible website of 18
the Department of Treasury— 19
(i) in precompressed, easily 20
downloadable versions, in all appropriate 21
formats; and 22
(ii) in machine-readable format, if ap-23
plicable. 24
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(3) SOURCES OF INFORMATION .—In preparing 1
the reports required by paragraph (1), the President 2
may utilize any credible publication, database, or 3
web-based resource, and any credible information 4
compiled by any government agency, nongovern-5
mental organization, or other entity that is made 6
available to the President. 7
(b) B
RIEFING.—Not later than 2 years after the date 8
of the enactment of this Act, the Secretary of the Treasury 9
shall brief the appropriate congressional committees on 10
the implementation of the strategy required by subsection 11
(a)(1)(B). 12
SEC. 4. DEFINITIONS. 13
In this Act: 14
(1) A
PPROPRIATE CONGRESSIONAL COMMIT -15
TEES.—The term ‘‘appropriate congressional com-16
mittees’’ means— 17
(A) the Committee on Banking, Housing, 18
and Urban Affairs, the Committee on Finance, 19
the Committee on Foreign Relations, the Com-20
mittee on Homeland Security and Govern-21
mental Affairs, the Committee on the Judiciary, 22
and the Select Committee on Intelligence of the 23
Senate; and 24
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(B) the Committee on Financial Services, 1
the Committee on Foreign Affairs, the Com-2
mittee on Homeland Security, the Committee 3
on the Judiciary, the Committee on Ways and 4
Means, and the Permanent Select Committee 5
on Intelligence of the House of Representatives. 6
(2) B
LOCKCHAIN INTELLIGENCE COMPANY .— 7
The term ‘‘blockchain intelligence company’’ means 8
any business providing software, research, or other 9
services (such as blockchain tracing tools, 10
geofencing, transaction screening, the collection of 11
business data, and sanctions screening) that— 12
(A) support private and public sector in-13
vestigations and risk management activities; 14
and 15
(B) involve cryptographically secured dis-16
tributed ledgers or any similar technology or 17
implementation. 18
(3) D
IGITAL ASSET.—The term ‘‘digital asset’’ 19
means any digital representation of value that is re-20
corded on a cryptographically secured digital ledger 21
or any similar technology. 22
(4) E
MERGING TECHNOLOGIES .—The term 23
‘‘emerging technologies’’ means the critical and 24
emerging technology areas listed in the Critical and 25
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Emerging Technologies List developed by the Fast 1
Track Action Subcommittee on Critical and Emerg-2
ing Technologies of the National Science and Tech-3
nology Council, including any updates to such list. 4
(5) F
OREIGN TERRORIST ORGANIZATION .—The 5
term ‘‘foreign terrorist organization’’ means an or-6
ganization that is designated as a foreign terrorist 7
organization under section 219 of the Immigration 8
and Nationality Act (8 U.S.C. 1189). 9
(6) I
LLICIT USE.—The term ‘‘illicit use’’ in-10
cludes fraud, darknet marketplace transactions, 11
money laundering, the purchase and sale of illicit 12
goods, sanctions evasion, theft of funds, funding of 13
illegal activities, transactions related to child sexual 14
abuse material, and any other financial transaction 15
involving the proceeds of specified unlawful activity 16
(as defined in section 1956(c) of title 18, United 17
States Code). 18
(7) T
ERRORIST.—The term ‘‘terrorist’’ includes 19
a person carrying out domestic terrorism or inter-20
national terrorism (as such terms are defined, re-21
spectively, under section 2331 of title 18, United 22
States Code). 23
Æ
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