Financial Technology Protection Act of 2025
Sponsored By: Representative Nunn, Zachary [R-IA-3]
Passed House
Summary
Creates a Treasury-led working group to coordinate U.S. policy on the illicit use of digital assets and related emerging technologies. The group would research terrorist and criminal uses of digital assets, develop legislative and regulatory proposals, and deliver regular public and classified reports.
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- Federal agencies and law enforcement would be tied together under the Treasury Under Secretary for Terrorism and Financial Crimes, with senior reps from Treasury, IRS, DOJ, FBI, DEA, DHS, Secret Service, State, and the Office of the Director of National Intelligence. The group must issue a report within 1 year and then annual reports for 3 years.
- Fintech and financial sector actors would get a formal voice through at least five appointees representing fintech companies, blockchain intelligence firms, financial institutions, and research organizations to help shape proposals.
- Privacy and civil liberties groups must be among the appointees, giving those perspectives a defined role in the group's research and recommendations.
- The President must submit a sanctions-evasion report within 180 days with a public unclassified portion posted on the Treasury website and may include a classified annex. The Treasury must brief congressional committees on the strategy within 2 years.
- The Working Group would terminate 4 years after enactment, with wind-down authority and transfer of any unobligated funds back to the Treasury on termination.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
New federal task force on crypto crime
This bill would set up a federal working group to fight illicit use of digital assets. Treasury would lead it through the Under Secretary for Terrorism and Financial Crimes. Senior officials from Treasury and its Office of Terrorism and Financial Intelligence, IRS, Justice, FBI, DEA, Homeland Security, Secret Service, State, and the Director of National Intelligence would serve. At least five outside experts from fintech, blockchain analytics, banks, research, and privacy and civil‑liberties groups would join. The group would study terrorist and criminal uses and propose laws and rules to improve anti‑money‑laundering and counter‑terror finance. It would report within one year of enactment and then each year for three years, and file a final report before ending. It would end four years after enactment or later to finish wind‑up work; unused funds would return to Treasury.
Defines digital assets and illicit use
The bill would define key terms used in the act. It would set meanings for digital asset, blockchain intelligence company, emerging technologies, foreign terrorist organization, terrorist, and illicit use. Illicit use would include fraud, darknet markets, money laundering, sanctions evasion, theft, and transactions tied to child sexual abuse material. These definitions would take effect upon enactment and guide how the rest of the act is applied.
Sponsors & CoSponsors
Sponsor
Nunn, Zachary [R-IA-3]
IA • R
Cosponsors
Himes
CT • D
Sponsored 3/26/2025
Davidson
OH • R
Sponsored 3/31/2025
Rep. Lawler, Michael [R-NY-17]
NY • R
Sponsored 3/31/2025
Rep. Gottheimer, Josh [D-NJ-5]
NJ • D
Sponsored 4/1/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov