Bills · S 2609
IN COMMITTEE· 119TH CONGRESS
Senate BillS 2609Fraud offenses and financial crimesDepartment of the Treasury
Financial Technology Protection Act of 2025
INTRO JUL 31· LAST ACTION JUL 31
READING
6MIN
COSPONSORS
2BIPARTISAN
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it directly addresses the growing challenge of terrorists and criminals exploiting new financial technologies, like cryptocurrencies, to fund their operations and move illicit money. If passed, this law would create a focused, inter-agency effort to understand and combat these complex threats, ensuring the U.S. government can keep pace with rapidly evolving technological landscapes.
Without such a measure, the government might lag behind technological advancements, leaving potential loopholes for illicit actors to exploit, which could undermine national security and the integrity of the financial system. This bill aims to proactively close those gaps, making it harder for bad actors to use modern finance to their advantage and helping to protect the public from the harms associated with terrorism and money laundering.
KEY PROVISIONS
5AI-extractedPROVISION 01
Establishes an Independent Financial Technology Working Group composed of government officials and private sector experts.
This creates a dedicated body to analyze and propose solutions for complex financial technology threats.
PROVISION 02
Requires the Working Group to research illicit uses of digital assets and emerging technologies and develop legislative and regulatory proposals.
This ensures concrete actions and policy recommendations are developed to counter terrorism and illicit financing.
PROVISION 03
Directs the President, through the Treasury, to create a public report and strategy on how digital assets are used to evade sanctions and finance terrorism.
This provides a public assessment of threats and a national plan to combat illicit financial activities using new technologies.
PROVISION 04
The Working Group will submit annual reports for three years and a final report to Congress and relevant agencies.
This ensures ongoing oversight and transparency regarding the group's findings and proposed solutions.
PROVISION 05
The Working Group is set to terminate four years after the bill becomes law.
This establishes a clear timeframe for the group's operation, ensuring it's not a permanent fixture unless renewed.
SPONSORSHIP
1 + 2
R· North Carolina
YRS IN OFFICE
9
BILLS LED
61
COSPONSOR BREAKDOWNBIPARTISAN · 100%
DEM 1 REP 1 IND 0
ACTION TIMELINE
2 EVENTSJUL 31
Introduced in Senate
JUL 31
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Bill
NumberS 2609
Congress119th
StatusIn Committee
IntroducedJul 31, 2025
Last actionJul 31, 2025
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED JUL 31, 2025
Senate BillS 2609Fraud offenses and financial crimesDepartment of the Treasury
Financial Technology Protection Act of 2025
INTRODUCED JUL 31, 2025· LAST ACTION JUL 31, 2025
PASSAGE CHANCES
—%
READING
6 min
COSPONSORS
2
COMPLEXITY
Moderate
