WHAT THE LAW DOINCongress, in plain words

H.R. 2384 · 119th Congress

Financial Technology Protection Act of 2025

Passed HouseDrafted by AI, awaiting reviewFinance and Financial Sector
IntroducedMar 26, 2025
Passed HouseJul 21, 2025
Passed SenateNot yet
To PresidentNot yet
Became lawNot yet

Where it stands

Passed House. Latest step, Jul 22, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. From Iowa: Zachary Nunn sponsors it. It would change 0 sections of existing law and would add 3 new provisions of its own.

How this bill changes the law

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H.R. 2384 doesn't change any existing section of law. It would create 3 new provisions of its own. Read from the bill text as sent to the Senate (Jul 22, 2025).

New provisions of the bill's own

  • Sec. 2 Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing
  • Sec. 3 Preventing rogue and foreign actors from evading sanctions
  • Sec. 4 Definitions
What the words would change: every change, in place (0)

Today's wording of each part of the law, with what would be struck out and added. Each change also gives the bill's own instruction, word for word.

    From the bill's official text on GovInfo and the U.S. Code, latest edition, which may not yet show changes made since.

    Bill text used: Engrossed in House: the text the House passed (July 21, 2025) · updated Oct 28, 2026

    This breakdown was drafted by AI from the official documents and passed our automatic checks: every quoted word was found in its source, and every number comes from an official record. A person must review it before we mark it reviewed. Tap any small number to see the exact words a sentence rests on.

    At a glance

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    What it would mean for you

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    If you use crypto or a payment app

    A study group, not new rules for you

    • The group can only research and propose ideas. It cannot write rules on its own.
      3conduct research on terrorist and illicit use of digital assets and other related emerging technologies[3] Engrossed in House (July 21, 2025) · Sec. 2(b)(1)develop legislative and regulatory proposals to improve anti-money laundering, counter-terrorist, and other counter-illicit financing efforts[3] Engrossed in House (July 21, 2025) · Sec. 2(b)(2)
    • A privacy or civil liberties group must have a seat at the table.
      3At least five individuals appointed by the Under Secretary for Terrorism and Financial Crimes to represent the following:[3] Engrossed in House (July 21, 2025) · Sec. 2(a)(3)Institutions or organizations focused on individual privacy and civil liberties.[3] Engrossed in House (July 21, 2025) · Sec. 2(a)(3)(E)

    If you want to know what the government finds

    A public report on crypto and sanctions

    • Within 180 days, the President must report on how crypto is used to dodge sanctions and fund terrorism, with a plan to stop it.
      3Not later than 180 days after the date of the enactment of this Act, the President, acting through the Secretary of the Treasury[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(1)the potential uses of digital assets and other related emerging technologies by States, non-State actors, foreign terrorist organizations, and other terrorist groups to evade sanctions, finance terrorism, or launder monetary instruments[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(1)(A)a strategy for the United States to mitigate and prevent the illicit use of digital assets and other related emerging technologies[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(1)(B)
    • The unclassified part must be posted online by the Treasury.
      3The unclassified portion of each report required by paragraph (1) shall be made available to the public and posted on a publicly accessible website of the Department of the Treasury[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(2)(B)

    If you live in Iowa

    Your representative wrote it

    What this bill does not do

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    • It does not set new rules for crypto users or companies.
      3conduct research on terrorist and illicit use of digital assets and other related emerging technologies[3] Engrossed in House (July 21, 2025) · Sec. 2(b)(1)develop legislative and regulatory proposals to improve anti-money laundering, counter-terrorist, and other counter-illicit financing efforts[3] Engrossed in House (July 21, 2025) · Sec. 2(b)(2)
    • It does not create a permanent agency. The group ends after about 4 years.
      3the date that is 4 years after the date of the enactment of this Act[3] Engrossed in House (July 21, 2025) · Sec. 2(d)(1)(A)the Working Group may temporarily continue working in order to wind-up such activities[3] Engrossed in House (July 21, 2025) · Sec. 2(d)(2)
    • It is not law. The Senate has not acted.
      12025-07-22 | Senate | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.[1] Official bill status record (actions, votes, cosponsors) · Actions, July 22, 2025

    Current law vs. the bill

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    Every place the bill changes existing law. On the left, the law as it stands today, quoted from the U.S. Code. On the right, the bill's words.

    This bill does not change any existing section of law.

    What the bill decides, and what it leaves to others

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    Written into the bill

    These take effect exactly as written.

    • The deadlines are set: the sanctions report in 180 days, group reports each year, an end after about 4 years.
      3Not later than 180 days after the date of the enactment of this Act, the President, acting through the Secretary of the Treasury[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(1)Not later than one year after the date of the enactment of this Act, and annually for the 3 years thereafter[3] Engrossed in House (July 21, 2025) · Sec. 2(c)(1)the date that is 4 years after the date of the enactment of this Act[3] Engrossed in House (July 21, 2025) · Sec. 2(d)(1)(A)
    • The public part of the sanctions report must be posted online.
      3The unclassified portion of each report required by paragraph (1) shall be made available to the public and posted on a publicly accessible website of the Department of the Treasury[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(2)(B)

    Left to agencies or states

    The real effect depends on rules someone else writes later.

    • Treasury's under secretary picks the outside members.
      3At least five individuals appointed by the Under Secretary for Terrorism and Financial Crimes to represent the following:[3] Engrossed in House (July 21, 2025) · Sec. 2(a)(3)
    • The report may include a secret section the public won't see.
      3The report required by paragraph (1) shall be submitted in unclassified form, but may include a classified annex.[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(2)(A)

    Section by section

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    Read all 7 sections in plain words
    Sec. 1 Short title
    Names the bill the Financial Technology Protection Act of 2025.
    3This Act may be cited as the Financial Technology Protection Act of 2025.[3] Engrossed in House (July 21, 2025) · Sec. 1
    Sec. 2(a) Who is in the working group
    Treasury's top official for terrorism and financial crimes chairs it.
    3The Secretary of the Treasury, acting through the Under Secretary for Terrorism and Financial Crimes, who shall serve as the chair of the Working Group.[3] Engrossed in House (July 21, 2025) · Sec. 2(a)(1)
     Members include senior officials from Treasury, the IRS, Justice, the FBI, Homeland Security and others, plus at least five outside members.
    3A senior-level representative from each of the following:[3] Engrossed in House (July 21, 2025) · Sec. 2(a)(2)The Internal Revenue Service.[3] Engrossed in House (July 21, 2025) · Sec. 2(a)(2)(C)The Federal Bureau of Investigation.[3] Engrossed in House (July 21, 2025) · Sec. 2(a)(2)(E)At least five individuals appointed by the Under Secretary for Terrorism and Financial Crimes to represent the following:[3] Engrossed in House (July 21, 2025) · Sec. 2(a)(3)
    Sec. 2(b) What it does
    It researches illegal use of digital assets and writes proposals for laws and rules.
    3conduct research on terrorist and illicit use of digital assets and other related emerging technologies[3] Engrossed in House (July 21, 2025) · Sec. 2(b)(1)develop legislative and regulatory proposals to improve anti-money laundering, counter-terrorist, and other counter-illicit financing efforts[3] Engrossed in House (July 21, 2025) · Sec. 2(b)(2)
    Sec. 2(c) Reports
    It reports within a year and then each year for 3 more years, plus a final report.
    3Not later than one year after the date of the enactment of this Act, and annually for the 3 years thereafter[3] Engrossed in House (July 21, 2025) · Sec. 2(c)(1)the Working Group shall submit to the appropriate congressional committees a final report[3] Engrossed in House (July 21, 2025) · Sec. 2(c)(2)
    Sec. 2(d) End date
    It ends 4 years after the law passes, or later if it is finishing work. Unspent money goes back to the Treasury.
    3the date that is 4 years after the date of the enactment of this Act[3] Engrossed in House (July 21, 2025) · Sec. 2(d)(1)(A)the Working Group may temporarily continue working in order to wind-up such activities[3] Engrossed in House (July 21, 2025) · Sec. 2(d)(2)any unobligated funds appropriated to carry out this section shall be transferred to the Treasury[3] Engrossed in House (July 21, 2025) · Sec. 2(d)(3)
    Sec. 3 Sanctions report and strategy
    Within 180 days, a report on how crypto helps evade sanctions and a strategy to stop it; the public part goes online.
    3Not later than 180 days after the date of the enactment of this Act, the President, acting through the Secretary of the Treasury[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(1)the potential uses of digital assets and other related emerging technologies by States, non-State actors, foreign terrorist organizations, and other terrorist groups to evade sanctions, finance terrorism, or launder monetary instruments[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(1)(A)a strategy for the United States to mitigate and prevent the illicit use of digital assets and other related emerging technologies[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(1)(B)The unclassified portion of each report required by paragraph (1) shall be made available to the public and posted on a publicly accessible website of the Department of the Treasury[3] Engrossed in House (July 21, 2025) · Sec. 3(a)(2)(B)
     A briefing on the strategy is due within 2 years.
    3Not later than 2 years after the date of the enactment of this Act, the Secretary of the Treasury shall brief the appropriate congressional committees[3] Engrossed in House (July 21, 2025) · Sec. 3(b)
    Sec. 4 Definitions
    Defines digital assets and illicit use, which includes fraud, money laundering and sanctions evasion.
    3any digital representation of value that is recorded on a cryptographically secured digital ledger[3] Engrossed in House (July 21, 2025) · Sec. 4(3)The term illicit use includes fraud, darknet marketplace transactions, money laundering, the purchase and sale of illicit goods, sanctions evasion, theft of funds[3] Engrossed in House (July 21, 2025) · Sec. 4(6)

    What changed between versions

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    2 steps, from first draft to final text

    From the House bill as introduced to the committee's version (House)

    From the committee's version (House) to the House-passed text

    No changes to the wording.

    Cost

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    Analysis

    Analysis

    Every bill gets the same five questions. Arguments are attributed to the people who made them, and each side gets about the same space.

    Path to law

    Balance of power

    Coalitions

    Precedent

    • The same bill passed the House by voice vote in earlier Congresses but never became law.
      6was first introduced by former Representative Ted Budd (R-NC) and Representative Stephen Lynch (D-MA) in the 115th Congress, where it passed on the House floor by a voice vote[6] H. Rept. 119-93 · BackgroundIn the 118th Congress, the Financial Technology Protection Act passed the House by voice vote.[6] H. Rept. 119-93 · Background

    The strongest case on each side

    For

    • As a counterintelligence officer he saw how hostile groups use technology for illicit finance; blockchain tracing already stopped money bound for Hamas.
      7As a counterintelligence officer, I have seen firsthand how terrorists and hostile regimes weaponize technology for illicit finances and cybercrime.[7] Congressional Record, House, July 21, 2025 (H3509-H3511) · H3511, Rep. Nunnthe U.S. Department of Justice used blockchain analytics to intercept over a quarter of a million dollars intended to go to deadly Hamas terrorists[7] Congressional Record, House, July 21, 2025 (H3509-H3511) · H3511, Rep. Nunn
      Rep. Zach Nunn (R-IA), sponsor
    • North Korean hackers have stolen billions in crypto to fund weapons.
      7North Korean hackers, operating as arms of the regime, have stolen billions of dollars in cryptocurrency through cyberattacks[7] Congressional Record, House, July 21, 2025 (H3509-H3511) · H3510, Rep. Waters
      Rep. Maxine Waters (D-CA)

    Against

    • No one opposed it. The committee itself noted illegal activity in crypto remains low.
      6Although rates of illicit activity remain low in the digital asset ecosystem[6] H. Rept. 119-93 · Background
      Financial Services Committee report
    • She called the group only an initial approach, a study first rather than action.
      7This working group is an initial robust approach to gain an understanding of how to address these terrorism threats[7] Congressional Record, House, July 21, 2025 (H3509-H3511) · H3511, Rep. Waters
      Rep. Maxine Waters (D-CA), who supported it

    Did this make sense?

    Sourced

    Three quick questions. Your answers are anonymous and tell us which breakdowns need clearer writing.

    1. What does the bill create?
    2. Who must have a seat in the group?
    3. When does the group end?

    How this was checked

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    3 checks
    • Automatic: every quote matched its source; every number matched an official record.
    • CBO estimate (printed in the Congressional Record, H3510-H3511): Cost figures are quoted from the CBO estimate as printed in the Record.
    • H. Rept. 119-93: The committee's description matches the House-passed text.

    Spot an error? See our corrections log and how to report one

    Sources

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    All 7 sources
    1. Official bill status record (actions, votes, cosponsors) · Official bill record · retrieved Oct 28, 2026
    2. Referred in Senate (July 22, 2025) · Bill text · retrieved Oct 28, 2026
    3. Engrossed in House (July 21, 2025) · Bill text · retrieved Oct 28, 2026
    4. Reported in House (May 6, 2025) · Bill text · retrieved Oct 28, 2026
    5. Introduced in House (March 26, 2025) · Bill text · retrieved Oct 28, 2026
    6. H. Rept. 119-93 · Committee report · retrieved Oct 28, 2026
    7. Congressional Record, House, July 21, 2025 (H3509-H3511) · Congressional Record · retrieved Oct 28, 2026

    Official summary

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    Financial Technology Protection Act of 2025

    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 digital assets and other related emerging technologies and develop proposals to improve anti-money laundering and counterterrorist financing efforts.

    The working group terminates four years after the bill's enactment or after the working group completes any ongoing activities, whichever is later.

    In addition, the Department of the Treasury must (1) report on the potential use of digital assets and other emerging technologies by states, nonstate actors, and terrorist groups for the purpose of evading sanctions to threaten the national security of the United States; and (2) describe a strategy to mitigate and prevent this usage.

    Official summary by the Congressional Research Service (Introduced in House, Mar 26, 2025).

    What has happened

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    1. Jul 22, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Senate
    2. Jul 21, 2025Motion to reconsider laid on the table Agreed to without objection.House floor actions
    3. Jul 21, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3509-3510)House floor actions
    4. Jul 21, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3509-3510)Library of Congress
    5. Jul 21, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 2384.House floor actions
    6. Jul 21, 2025Considered under suspension of the rules. (consideration: CR H3509-3511)House floor actions
    7. Jul 21, 2025Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.House floor actions
    8. May 6, 2025Placed on the Union Calendar, Calendar No. 67.House floor actions
    9. May 6, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-93.House floor actions
    10. May 6, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-93.Library of Congress
    11. Apr 2, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 49 - 0.House committee actions
    12. Apr 2, 2025Committee Consideration and Mark-up Session HeldHouse committee actions
    13. Mar 26, 2025Referred to the House Committee on Financial Services.House floor actions
    14. Mar 26, 2025Introduced in HouseLibrary of Congress
    15. Mar 26, 2025Introduced in HouseLibrary of Congress

    Show key steps only

    Cosponsors

    • Warren Davidson R-OH-8
    • Josh Gottheimer D-NJ-5
    • James A. Himes D-CT-4
    • Michael Lawler R-NY-17