Sponsors
22 Republicans
This bill establishes an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. The group, comprising various government agencies, financial technology companies, blockchain intelligence firms, and privacy organizations, will research the illicit use of digital assets and propose legislative and regulatory improvements for anti-money laundering and counter-terrorist financing efforts. It also mandates a presidential report on potential illicit uses of digital assets by rogue actors to evade sanctions or finance terrorism, alongside strategies to mitigate these risks.
The bill's focus is on national security and illicit finance, specifically addressing the use of digital assets by terrorist organizations and for money laundering or sanctions evasion. While the continuous framing of digital assets within the context of crime might contribute to a negative public perception, the structure of the proposed Working Group is designed to incorporate a range of perspectives. Including representatives from financial technology companies, blockchain intelligence firms, and privacy organizations suggests an intent to gather informed input and develop nuanced solutions rather than impose immediate, broad restrictions. The bill tasks the group with developing 'legislative and regulatory proposals,' which could lead to clearer rules for compliance without necessarily being overly punitive. This approach to study and propose regulations, with diverse stakeholder involvement, aligns with routine oversight measures rather than an explicit anti-crypto stance.
Every member who has sponsored, cosponsored or voted on this bill. Pick a vote to see how each member voted on it, or narrow by party, name or state.
2 Republicans
3 Democrats · 3 Republicans
