# Financial Technology Protection Act of 2023

This bill creates a new government working group focused on stopping terrorists and criminals from using digital money and cryptocurrency to hide their activities and evade sanctions. The group will bring together officials from the Treasury Department, FBI, CIA, Secret Service, and other agencies alongside representatives from financial technology companies, banks, and blockchain research firms to study how bad actors misuse new financial technologies and recommend ways to stop them.

The working group will operate for four years, during which time it will research how terrorists, foreign governments, and criminal organizations use digital assets like cryptocurrency to finance illegal activities, launder money, and get around international sanctions. For example, if a terrorist organization wanted to receive funding without being detected, they might use cryptocurrency because it can be harder to trace than traditional bank transfers. The working group will investigate these vulnerabilities and propose new laws and regulations to close the gaps. They'll submit yearly reports to Congress and relevant agencies describing what they've learned and what changes they recommend.

Beyond the working group, the bill also requires the President to submit a detailed report within six months outlining the specific threats that digital assets pose to national security and laying out a comprehensive strategy for how the U.S. government will prevent criminals and hostile nations from exploiting these technologies. This report must be made public in an easy-to-access format so citizens and businesses can understand the government's approach. Two years later, the Treasury Secretary must brief Congress on how well this strategy is actually working in practice.

Essentially, this bill is the government's way of getting organized about a growing problem: as financial technology evolves faster than regulations can keep up, bad actors are finding new ways to move money illegally. By bringing together experts from government, tech companies, and financial institutions, the bill aims to develop smarter rules before the problem gets worse.

Financial Technology Protection Act of 2023

Nunn, Zachary

Financial Technology Protection Act of 2023 This bill establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. The working group must study and report on terrorist and illicit use of new financial technologies and develop proposals to improve anti-money laundering and counterterrorist financing efforts.