Bill > S2609

This bill establishes an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing, which will be composed of high-level representatives from various government agencies such as the Treasury, Justice Department, FBI, and Homeland Security, as well as five external members from financial technology companies, blockchain intelligence firms, financial institutions, research organizations, and civil liberties groups. The Working Group's primary responsibilities include conducting research on terrorist and illicit use of digital assets and emerging technologies, and developing legislative and regulatory proposals to improve anti-money laundering and counter-terrorism financing efforts in the United States. The group will be required to submit annual reports to the Treasury, agency heads, and congressional committees for four years, with a final comprehensive report detailing its findings and recommendations before terminating. The bill also mandates a presidential report within 180 days examining how states, terrorist organizations, and other actors might use digital assets to evade sanctions or finance illegal activities, along with a mitigation strategy. Additionally, the bill provides detailed definitions for key terms like "digital asset," "emerging technologies," and "illicit use," ensuring a comprehensive approach to understanding and combating financial technology-related risks to national security.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2609/all-info