IB 
Union Calendar No. 67 
119TH CONGRESS 
1ST SESSION H. R. 2384 
[Report No. 119–93] 
To establish an Independent Financial Technology Working Group to Combat 
Terrorism and Illicit Financing, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 26, 2025 
Mr. NUNN of Iowa (for himself and Mr. HIMES) introduced the following bill; 
which was referred to the Committee on Financial Services 
MAY 6, 2025 
Additional sponsors: Mr. DAVIDSON, Mr. LAWLER, and Mr. GOTTHEIMER 
MAY 6, 2025 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on March 26, 2025] 
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A BILL 
To establish an Independent Financial Technology Working 
Group to Combat Terrorism and Illicit Financing, and 
for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives 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 Inde-
pendent Financial Technology Working Group to Combat 
Terrorism and Illicit Financing (in this section referred to 
as the ‘‘Working Group’’), which shall consist of the fol-
lowing: 
(1) The Secretary of the Treasury, acting 
through the Under Secretary for Terrorism and Fi-
nancial 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. 
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(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 accom-
plish 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 tech-
nologies; and 
(2) develop legislative and regulatory proposals 
to improve anti-money laundering, counter-terrorist, 
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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 pursu-
ant to subsection (a)(2), and the appropriate congres-
sional 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 appro-
priate congressional committees a final report detail-
ing 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 ter-
minate on the later of— 
(A) the date that is 4 years after the date 
of the enactment of this Act; or 
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(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 DIG-
ITAL ASSETS
AND OTHER RELATED EMERGING TECH-
NOLOGIES.— 
(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 
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pursuant to section 2(a)(2), shall submit to the ap-
propriate congressional committees a report that de-
scribes— 
(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, fi-
nance terrorism, or launder monetary instru-
ments, and threaten the national security of the 
United States; and 
(B) a strategy for the United States to miti-
gate 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 unclassi-
fied portion of each report required by para-
graph (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 
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(ii) in machine-readable format, if ap-
plicable. 
(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, nongovern-
mental 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
COMMIT-
TEES.—The term ‘‘appropriate congressional commit-
tees’’ means— 
(A) the Committee on Banking, Housing, 
and Urban Affairs, the Committee on Finance, 
the Committee on Foreign Relations, the Com-
mittee on Homeland Security and Governmental 
Affairs, the Committee on the Judiciary, and the 
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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 Intel-
ligence 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, trans-
action screening, the collection of business data, and 
sanctions screening) that— 
(A) support private and public sector inves-
tigations and risk management activities; and 
(B) involve cryptographically secured dis-
tributed ledgers or any similar technology or im-
plementation. 
(3) DIGITAL ASSET.—The term ‘‘digital asset’’ 
means any digital representation of value that is re-
corded on a cryptographically secured digital ledger 
or any similar technology. 
(4) 
EMERGING
TECHNOLOGIES.—The 
term 
‘‘emerging technologies’’ means the critical and 
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emerging technology areas listed in the Critical and 
Emerging Technologies List developed by the Fast 
Track Action Subcommittee on Critical and Emerg-
ing Technologies of the National Science and Tech-
nology Council, including any updates to such list. 
(5) FOREIGN
TERRORIST
ORGANIZATION.—The 
term ‘‘foreign terrorist organization’’ means an orga-
nization that is designated as a foreign terrorist orga-
nization 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 laun-
dering, the purchase and sale of illicit goods, sanc-
tions evasion, theft of funds, funding of illegal activi-
ties, transactions related to child sexual abuse mate-
rial, 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 inter-
national terrorism (as such terms are defined, respec-
tively, under section 2331 of title 18, United States 
Code). 
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Union Calendar No. 67 
119TH CONGRESS 
1ST SESSION 
H. R. 2384 
[Report No. 119–93] 
A BILL 
To establish an Independent Financial Technology 
Working Group to Combat Terrorism and Illicit 
Financing, and for other purposes. 
MAY 6, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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