HR 2969 United States House · 118th Congress

Financial Technology Protection Act of 2023

HR 2969 establishes a 4-year working group with Treasury, law enforcement agencies (like FBI and DHS), and industry representatives (fintech, blockchain, and financial institutions) to study how terrorists and criminals use digital financial technologies like cryptocurrencies. The group must research illicit financial activities, develop regulatory proposals to improve anti-money laundering efforts, and submit annual reports to Congress, including a final report before termination. It also requires a presidential report within 180 days detailing digital asset risks and a congressional briefing after two years. The bill defines key terms such as "digital asset" and "blockchain intelligence company" to guide this work.

Bill status passed 3 of 5 stages cleared

Introduction

Apr 2023

Committee Review

Jul 2024

House Passage

Jul 2024

Senate Passage

President

Introduced Apr 27, 2023 Last action Jul 23, 2024

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What changed between versions

Introduced in House → Engrossed in House · 3 edits · Jul 22, 2024

MINOR

The Engrossed version of HR 2969 makes three substantive changes to the Financial Technology Protection Act: it adds a fifth appointed member to the Working Group representing privacy and civil liberties organizations, removes the travel expenses provision, and narrows the post-termination wind-up language from 'investigations, research, or other activities' to 'research, proposals, or other related activities.' The remaining changes are formatting (whitespace) and a cross-reference correction.

Scope change

The Working Group's composition was expanded to include a privacy and civil liberties perspective, broadening the range of interests represented in its deliberations on digital asset regulation.

SCOPE

A new category of appointed member is added to the Working Group: institutions or organizations focused on individual privacy and civil liberties. This gives privacy advocates a formal seat at the table in discussions about digital asset regulation and counter-illicit financing.

FISCAL

The provision allowing Working Group members to receive travel expenses under 5 U.S.C. sections 5702 and 5703 was removed entirely, along with its subsection designation.

REQUIREMENT

The wind-up clause after the Working Group's four-year sunset was changed from allowing 'investigations, research, or other activities' to continue to only 'research, proposals, or other related activities.' This removes 'investigations' (which was not part of the Working Group's stated mandate) and adds 'proposals,' better aligning the wind-up language with the group's actual function of developing policy recommendations.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jul 23, 2024

Committee

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

upper

Jul 22, 2024

Introduced

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4651-4652)

lower

Jul 22, 2024

Lower · Passed

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4651-4652)

lower

Jul 22, 2024

Introduced

Mr. Nunn (IA) moved to suspend the rules and pass the bill, as amended.

lower

May 6, 2024

Lower · Passed

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-485.

lower

Jul 26, 2023

Introduced

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.

lower

Jul 26, 2023

Lower · Passed

Committee Consideration and Mark-up Session Held

lower

Apr 27, 2023

Committee

Referred to the House Committee on Financial Services.

lower

Apr 27, 2023

Introduced

Introduced in House

lower

1 primary · 4 co-sponsors