Legislation4 days ago
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HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
S2609119th CongressWALLET
Financial Technology Protection Act of 2025
Sponsored By: Senator Sen. Budd, Ted [R-NC]
Introduced
Summary
The bill would create an independent working group to combat terrorist financing and illicit use of digital assets by studying risks and proposing legislative and regulatory fixes. The group would be led by the Treasury Department and include senior representatives from key federal agencies and outside experts to develop strategies and reports on digital-asset threats and sanctions evasion.
Show full summary
- Federal agencies and law enforcement: Coordinates across 10 federal entities to drive joint research and to develop legislative and regulatory proposals that target terrorist financing and illicit finance using digital assets.
- Fintech and privacy stakeholders: Requires at least five external appointees representing fintech companies, blockchain intelligence firms, financial institutions, researchers, and civil liberties groups to inform the group's recommendations.
- Congress and the public: Requires an unclassified report and mitigation strategy on sanctions evasion within 180 days, annual reports for three years, a final report before termination, and public posting of the unclassified material on the Treasury website.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Definitions for digital assets and firms
If enacted, this bill would set legal definitions for digital assets and related firms. It would define "digital asset" as value recorded on a cryptographically secured ledger. It would define "blockchain intelligence company" and list services those firms provide. It would adopt an official list for "emerging technologies" and give a broad, non‑exhaustive list of "illicit use" examples. These definitions would shape what future rules cover and could raise compliance duties for some firms while helping law enforcement and consumer protection.
Treasury-led financial technology working group
If enacted, this bill would create a Treasury‑led Working Group on financial technology and illicit finance. The group would be chaired by the Treasury Secretary through the Under Secretary for Terrorism and Financial Crimes and include senior officials from ten federal agencies plus at least five private‑sector or civil‑society members. The group must research digital asset misuse and propose legislative and regulatory actions. An initial report would be due within one year, annual reports would follow for three years, and a final report is required before the group ends. The group would end the later of four years after enactment or when wind‑up activities finish, and unused funds would return to the Treasury.
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Sponsors & CoSponsors
Sponsor
Sen. Budd, Ted [R-NC]
NC • R
Cosponsors
Cynthia Lummis
WY • R
Sponsored 7/31/2025
Kirsten Gillibrand
NY • D
Sponsored 7/31/2025
Roll Call Votes
No roll call votes available for this bill.
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