The Financial Technology Protection Act of 2025 (HR 2384) was approved in a voice vote in the House of Representatives yesterday. This bill joins an extended list of bills that were approved in the House on the same day.
This bill mandates the creation of the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing.
This working group is expected to study and report on terrorist and illicit use of digital assets and other technologies. The group will then present proposals to enhance anti-money laundering and counter-terrorist financing efforts. The group is not indefinite and expires four years after enactment or after the completion of ongoing activities.
The Department of the Treasury is mandated to report on the potential use of digital assets and other emerging technologies for evading sanctions and posing a threat to the national security of the United States.
The list of participants in the working group is long, including: the Department of the Treasury, the Office of Terrorism and Financial Intelligence, the IRS, the Department of Justice, the FBI, the DEA, Homeland Security, the US Secret Service, the Department of State, and the Office of the Director of National Intelligence.
Non-governmental groups are required to be part of the initiative, including Fintech firms, blockchain intelligence firms, other financial institutions, academia, and organizations focused on privacy and civil liberties.