,,ib ,union ,calendar ,no4 #fg #aaith ,,congress #ast ,session ,h4 ,r4 #bchd ,report ,no4 #aai-ic ,,in ,,the ,,house ,,of ,,representatives ,march #bf1 #bjbe,mr4 ,nunn of ,iowa 7for himself and ,mr4 ,himes7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,may #f1 #bjbe;,additional sponsors3 ,mr4 ,davidson1 ,mr4 ,lawler1 and ,mr4 ,gottheimer ,may #f1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,march #bf1 #bjbe ,a ,,bill ,to establish an ,independent ,financial ,technology ,working ,group to ,combat ,terrorism and ,illicit ,financing1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,financial ,technology ,protection ,act of #bjbe4 #b4 ,independent ,financial ,technology ,working ,group to ,combat ,terrorism and ,illicit ,financing 7a7 ,establishment ,there is established the ,independent ,financial ,technology ,working ,group to ,combat ,terrorism and ,illicit ,financing 7in this section referred to as the ,working ,group71 which shall consist of the following3 7#a7 ,the ,secretary of the ,treasury1 acting through the ,under ,secretary for ,terrorism and ,financial ,crimes1 who shall serve as the chair of the ,working ,group4 7#b7 ,a senior-level representative from each of the following3 7,a7 ,the ,department of the ,treasury4 7,b7 ,the ,office of ,terrorism and ,financial ,intelligence4 7,c7 ,the ,internal ,revenue ,service4 7,d7 ,the ,department of ,justice4 7,e7 ,the ,federal ,bureau of ,investigation4 7,f7 ,the ,drug ,enforcement ,administration4 7,g7 ,the ,department of ,homeland ,security4 7,h7 ,the ,united ,states ,secret ,service4 7,i7 ,the ,department of ,state4 7,j7 ,the ,office of the ,director of ,national ,intelligence4 7#c7 ,at least five individuals appointed by the ,under ,secretary for ,terrorism and ,financial ,crimes to represent the following3 7,a7 ,financial technology companies4 7,b7 ,blockchain intelligence companies4 7,c7 ,financial institutions4 7,d7 ,institutions or organizations engaged in research4 7,e7 ,institutions or organizations focused on individual privacy and civil liberties4 7#d7 ,such additional individuals as the ,secretary of the ,treasury may appoint as necessary to accomplish the duties described under subsection 7b74 7b7 ,duties ,the ,working ,group shall-- 7#a7 conduct research on terrorist and illicit use of digital assets and other related emerging technologies2 and 7#b7 develop legislative and regulatory proposals to improve anti-money laundering1 counter-terrorist1 and other counter-illicit financing efforts in the ,united ,states4 7c7 ,reports 7#a7 ,in general ,not later than one year after the date of the enactment of this ,act1 and annually for the #c years thereafter1 the ,working ,group shall submit to the ,secretary of the ,treasury1 the heads of each agency represented in the ,working ,group pursuant to subsection 7a77#b71 and the appropriate congressional committees a report containing the findings and determinations made by the ,working ,group in the previous year and any legislative and regulatory proposals developed by the ,working ,group4 7#b7 ,final report ,before the date on which the ,working ,group terminates under subsection 7d77#a71 the ,working ,group shall submit to the appropriate congressional committees a final report detailing the findings1 recommendations1 and activities of the ,working ,group1 including any final results from the research conducted by the ,working ,group4 7d7 ,sunset 7#a7 ,in general ,the ,working ,group shall terminate on the later of-- 7,a7 the date that is #d years after the date of the enactment of this ,act2 or 7,b7 the date on which the ,working ,group completes any wind-up activities described under paragraph 7#b74 7#b7 ,authority to wind up activities ,if there are ongoing research1 proposals1 or other related activities of the ,working ,group ongoing as of the date that is #d years after the date of the enactment of this ,act1 the ,working ,group may temporarily continue working in order to wind-up such activities4 7#c7 ,return of appropriated funds ,on the date on which the ,working ,group terminates under paragraph 7#a71 any unobligated funds appropriated to carry out this section shall be transferred to the ,treasury4 #c4 ,preventing rogue and foreign actors from evading sanctions 7a7 ,report and strategy with respect to digital assets and other related emerging technologies 7#a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 the ,president1 acting through the ,secretary of the ,treasury and in consultation with the head of each agency represented on the ,independent ,financial ,technology ,working ,group to ,combat ,terrorism and ,illicit ,financing pursuant to section #b7;a77#b71 shall submit to the appropriate congressional committees a report that describes-- 7,a7 the potential uses of digital assets and other related emerging technologies by ,states1 non-,state actors1 foreign terrorist organizations1 and other terrorist groups to evade sanctions1 finance terrorism1 or launder monetary instruments1 and threaten the national security of the ,united ,states2 and 7,b7 a strategy for the ,united ,states to mitigate and prevent the illicit use of digital assets and other related emerging technologies4 7#b7 ,form of report2 public availability 7,a7 ,in general ,the report required by paragraph 7#a7 shall be submitted in unclassified form1 but may include a classified annex4 7,b7 ,public availability ,the unclassified portion of each report required by paragraph 7#a7 shall be made available to the public and posted on a publicly accessible website of the ,department of the ,treasury-- 7i7 in precompressed1 easily downloadable versions1 in all appropriate formats2 and 7ii7 in machine-readable format1 if applicable4 7#c7 ,sources of information ,in preparing the reports required by paragraph 7#a71 the ,president may utilize any credible publication1 database1 or web-based resource1 and any credible information compiled by any government agency1 nongovernmental organization1 or other entity that is made available to the ,president4 7b7 ,briefing ,not later than #b years after the date of the enactment of this ,act1 the ,secretary of the ,treasury shall brief the appropriate congressional committees on the implementation of the strategy required by subsection 7a77#a77;,b74 #d4 ,definitions ,in this ,act3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,finance1 the ,committee on ,foreign ,relations1 the ,committee on ,homeland ,security and ,governmental ,affairs1 the ,committee on the ,judiciary1 and the ,select ,committee on ,intelligence of the ,senate2 and 7,b7 the ,committee on ,financial ,services1 the ,committee on ,foreign ,affairs1 the ,committee on ,homeland ,security1 the ,committee on the ,judiciary1 the ,committee on ,ways and ,means1 and the ,permanent ,select ,committee on ,intelligence of the ,house of ,representatives4 7#b7 ,blockchain intelligence company ,the term blockchain intelligence company means any business providing software1 research1 or other services 7such as blockchain tracing tools1 geofencing1 transaction screening1 the collection of business data1 and sanctions screening7 that-- 7,a7 support private and public sector investigations and risk management activities2 and 7,b7 involve cryptographically secured distributed ledgers or any similar technology or implementation4 7#c7 ,digital asset ,the term digital asset means any digital representation of value that is recorded on a cryptographically secured digital ledger or any similar technology4 7#d7 ,emerging technologies ,the term emerging technologies means the critical and emerging technology areas listed in the ,critical and ,emerging ,technologies ,list developed by the ,fast ,track ,action ,subcommittee on ,critical and ,emerging ,technologies of the ,national ,science and ,technology ,council1 including any updates to such list4 7#e7 ,foreign terrorist organization ,the term foreign terrorist organization means an organization that is designated as a foreign terrorist organization under section #bai of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahi74 7#f7 ,illicit use ,the term illicit use includes fraud1 darknet marketplace transactions1 money laundering1 the purchase and sale of illicit goods1 sanctions evasion1 theft of funds1 funding of illegal activities1 transactions related to child sexual abuse material1 and any other financial transaction involving the proceeds of specified unlawful activity 7as defined in section #aief7;c7 of title #ah1 ,united ,states ,code74 7#g7 ,terrorist ,the term terrorist includes a person carrying out domestic terrorism or international terrorism 7as such terms are defined1 respectively1 under section #bcca of title #ah1 ,united ,states ,code74 ,may #f1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed