What does Preamble of Financial Technology Protection Act of 2025 do?

This bill is formally titled 'To establish an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, and for other purposes.' The bill aims to establish an Independent Financial Technology Working Group. The stated purpose of the Working Group is to combat terrorism and illicit financing.

What does SHORT TITLE. of Financial Technology Protection Act of 2025 do?

This bill is formally titled the Financial Technology Protection Act of 2025.

What does INDEPENDENT FINANCIAL TECHNOLOGY WORKING GROUP TO COMBAT of Financial Technology Protection Act of 2025 do?

This section establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. The Working Group will consist of representatives from various government agencies, financial technology companies, blockchain intelligence companies, financial institutions, research institutions, and organizations focused on privacy and civil liberties. The Secretary of the Treasury, acting through the Under Secretary for Terrorism and Financial Crimes, will serve as the chair. The Working Group's duties include researching the use of digital assets and emerging technologies for terrorist and illicit purposes. It is also tasked with developing legislative and regulatory proposals to improve anti-money laundering and counter-terrorist financing efforts. The Working Group must submit annual reports to the Secretary of the Treasury, agency heads, and congressional committees, including findings and proposals. A final report detailing the Working Group's activities will be submitted before its termination. The Working Group will terminate four years after the Act's enactment, unless it needs additional time to complete ongoing activities. Any unobligated funds will be transferred to the Treasury upon termination.

What does PREVENTING ROGUE AND FOREIGN ACTORS FROM EVADING SANCTIONS. of Financial Technology Protection Act of 2025 do?

This section requires the President to submit a report to congressional committees within 180 days of the Act's enactment. The report must describe how digital assets and emerging technologies could be used to evade sanctions, finance terrorism, or threaten U.S. national security. The report also requires a strategy for the United States to mitigate and prevent the illicit use of these technologies. The report shall be submitted in unclassified form, but may include a classified annex. The unclassified portion of the report must be publicly available on the Department of the Treasury's website. The President may use credible publications, databases, and information from government agencies and other entities to prepare the report. The Secretary of the Treasury must brief congressional committees on the implementation of the strategy within two years of the Act's enactment.

What does DEFINITIONS. of Financial Technology Protection Act of 2025 do?

This section defines terms used throughout the Act. “Appropriate congressional committees” are specified for both the Senate and the House of Representatives. A “blockchain intelligence company” is defined as a business providing services like blockchain tracing tools that support investigations and risk management activities. “Digital asset” refers to a digital representation of value recorded on a cryptographically secured digital ledger. “Emerging technologies” are defined as those listed in the Critical and Emerging Technologies List developed by the National Science and Technology Council. “Foreign terrorist organization” is defined as an organization designated under section 219 of the Immigration and Nationality Act. “Illicit use” includes various financial transactions involving unlawful activity. “Terrorist” includes individuals carrying out domestic or international terrorism as defined in title 18, United States Code.

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Financial Technology Protection Act of 2025

Last updated: 7/31/2025 · Introduced: 7/31/2025

Author: Ted Budd (R-NC)

TL;DR (AI)

This bill establishes an Independent Financial Technology Working Group composed of representatives from government, industry, and civil liberties organizations to research and propose solutions for combating terrorism and illicit financing involving digital assets and emerging technologies.
The President must report within 180 days on how digital assets and emerging technologies could be used to evade sanctions, finance terrorism, or threaten U.S. national security, along with a mitigation strategy.
The Working Group will produce annual reports and a final report detailing its activities and recommendations before terminating four years after enactment.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 3 more.

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