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Financial Technology Protection Act of 2023

Record date · July 23, 2024

Introduced
Committee
Floor Vote
Passed
Law

Track this bill to get notified when it advances a stage. One tap to stop, anytime.

Public stanceCommunity reactions are separate from the official record and reporting.

What This Bill Would Do

This bill creates a new federal working group to study how s and financial technology are used for illegal activities like terrorism and money laundering. It also requires the President to develop a national strategy to prevent foreign actors from using these technologies to evade U.S. sanctions.

Why it matters

The bill establishes a formal government-wide task force to develop new regulations for s, which could lead to stricter compliance requirements for financial technology companies and institutions over the next four years.

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

Financial technology companies

They are eligible for representation on the Working Group and will be subject to new legislative and regulatory proposals developed by the group.

Directly affected

Blockchain intelligence companies

They are eligible for representation on the Working Group and will be subject to new legislative and regulatory proposals developed by the group.

Directly affected

Financial institutions

They are eligible for representation on the Working Group and will be subject to new legislative and regulatory proposals developed by the group.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Who will be in the new Working Group?
It will be chaired by the Under Secretary for Terrorism and Financial Intelligence and include senior representatives from the Treasury, DOJ, FBI, DEA, DHS, Secret Service, State Department, and CIA, along with five private-sector representatives from fintech, blockchain, and research fields.
Will the Working Group be permanent?
No, the Working Group is set to terminate four years after the bill is enacted.
What happens to the reports produced by the government?
The unclassified portions of the reports must be made available to the public on a Department of Treasury website in easily downloadable and machine-readable formats.

What else do you want to know?

News Coverage

Coverage by outlet perspective6 articles
Left 1Lean Left 2Lean Right 1Right 2
LL

Democrats: DOJ’s $1.776B ‘anti-weaponization’ fund ‘raises the specter of corruption unparalleled’

A group of Democratic lawmakers is suing to block a new $1.776 billion Department of Justice fund. The fund was established by acting Attorney General Todd Blanche as part of a legal settlement involving President Trump.

LL

Trump dropped IRS suit in deal to create $1.776B ‘anti-weaponization’ fund

The Department of Justice has established a $1.776 billion fund to provide payouts and formal apologies to individuals. This action follows a legal settlement regarding a lawsuit filed by Donald Trump against the IRS.

R

Judge: Trump DOJ May Keep 2020 Election Ballots FBI Seized in Fulton County

A federal judge has denied Fulton County's request to have 2020 election ballots returned, ruling that the FBI may keep the records seized during a criminal investigation. The judge acknowledged flaws in the FBI's search warrant affidavit but determined they did not meet the legal threshold for returning the evidence.

L

Federal authorities arrest 18 people in Los Angeles raid amid drug crackdown

Federal authorities have arrested 18 individuals and charged 25 total in connection with an alleged drug trafficking operation centered in Los Angeles' MacArthur Park. The investigation, which began in March, focuses on the distribution of fentanyl and methamphetamine linked to local gang activity.

R

Federal Employee Accused Of Plotting To Kill The President On The Clock

A Federal Aviation Administration employee, Dean DelleChiaie, was arrested for allegedly plotting to kill President Trump. He is accused of using his work computer to research assassination methods and later sending a threat via email. The case highlights ongoing security concerns surrounding the President.

Bias ratings based on AllSides / Media Bias/Fact Check

Where This Stands

Currently filed. The next step in the legislative lifecycle is Committee.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

Lobbying Activity

AARP

$4,110,000

2026

HEALTH ISSUESMEDICARE/MEDICAIDLAW ENFORCEMENT/CRIME/CRIMINAL JUSTICEPHARMACY

“P.L. 119-21, One Big Beautiful Bill Act H.R. 8867, Planning for Long-term Aging Needs (PLAN) Act H.R. 5861, Legacy Act of 2025 H.R. 9393, the Lower Costs, More Transparency Act. H.R. 9396, the Prior Authorization Accountability Act. S. 4916, the Aging with Artificial Intelligence Act. H.R. 8100, Safe Staffing Saves Lives Act. S. 3886, Nurses Belong in Nursing Homes Act. H.R. 6766/S. 3492, the Essential Caregivers Act of 2025. H.R. 7966/S. 4118, Hospice Care Accountability, Reform, and Enforcement (Hospice CARE) Act. S. 2120, the Older Americans Act Reauthorization Act of 2025 H.R. 5575, the Firefighters Assisting Seniors to Emergency Response (FASTER) Act of 2025. H.R. 3954/S. 4641, Improving Access to Medicare Coverage Act. H.R.5554/S.2831, Stand Strong for Medicare Act. S. 3439/H.R. 6735, Connecting Caregivers to Medicare Act and efforts related to the bill S. 1227/H.R. 2491, Alleviating Barriers for Caregivers Act S. 668/H.R. 3183, Supporting Access to Falls Education and Prevention and Strengthening Training Efforts and Promoting Safety Initiatives (SAFE STEPS) for Veterans Act of 2025 CMS-1851-P, Hospice Proposed rule. CMS-1843-P, Skilled Nursing Facility Proposed rule. CMS-1844-P, Home Health Proposed rule. No bill number. Health care transparency. No bill number. Discussed use of artificial intelligence and health data technology. No bill number. Discussed health-related policies and activities around the fall respiratory virus season. No bill number. Discussed health insurance affordability proposals. No bill number. Discussed Nursing Home staffing standards, safety, and quality. No bill number. Discussed Nursing home transparency and ownership requirements. No bill number. Discussed home health, hospice, and long-term care. No bill number. Discussed falls prevention. No bill number. Discussed social isolation. No bill number. Discussed HUD Assisted Living Requirements No bill number. Discussed family caregiving. No bill number. Discussed AARP paper on Medicare Caregiver Training Services. No bill number. Discussed Medicaid community engagement interim final rule, including the family caregiver exemption. No bill number. Discussed the paid direct care workforce in long-term care. No bill number. Discussed the unaffordability of long-term care. No bill number. Discussed Money Follows the Person Rebalancing Demonstration Program and Medicaid HCBS spousal impoverishment protections. No bill number. Discussed Medicaid fraud and family caregivers, Medicaid self-direction programs. No bill number. Discussed sandwich generation family caregiver hearing and submitted a statement for the record discussing family caregivers and sandwich generation caregivers, programs that support them, AARP caregiving resources, and federal policies to support sandwich generation caregivers and caregivers more broadly. No bill number. Discussed long-term care. No bill number. CMS-2453-NC; Medicaid Program; 2028 Medicaid Home and Community-Based Services Quality Measure Set Submitted comments No bill number. Discussed expanding access to home care. No bill number. Discussed the increasing cost of home care No bill number. Discussed HSA use for telehealth chronic care management services/subscriptions. No bill number. Discussed artificial intelligence and technology”

Senate LDAMatched on title words onlyView on LDA.gov →

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Formalizing Fintech Oversight

The bill represents a shift toward integrating private-sector blockchain intelligence companies directly into federal policy-making through the Working Group.

Sources

Open source document

www.congress.gov

Analysis Score

0–100
  • Significance75
    How much this matters to a regular citizen
  • Controversy40
    Intensity of disagreement among stakeholders
  • Entertainment10
    Compellingness for a non-policy-wonk reader
  • Buzz30
    Current news / social attention level

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