This bill, known as the "Financial Technology Protection Act of 2025," establishes an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. This Working Group will be chaired by the Under Secretary for Terrorism and Financial Crimes and comprise senior representatives from various federal agencies, including the Treasury, IRS, FBI, and DHS. Additionally, it will include at least five individuals representing financial technology companies, blockchain intelligence firms, financial institutions, research organizations, and groups focused on individual privacy and civil liberties.

The primary duties of this Working Group are to conduct research on the terrorist and illicit use of digital assets and other related emerging technologies. Based on this research, the group will develop legislative and regulatory proposals aimed at improving anti-money laundering, counter-terrorist, and other counter-illicit financing efforts in the United States. The Working Group is required to submit annual reports for three years, followed by a final report to Congress and relevant agencies, detailing its findings, determinations, and proposed solutions before its termination after four years.

Beyond the Working Group, the bill mandates that the President, through the Secretary of the Treasury, submit a report within 180 days of enactment. This report must describe the potential uses of digital assets and emerging technologies by state and non-state actors to evade sanctions, finance terrorism, or launder money, and outline a strategy to mitigate and prevent such illicit uses. The unclassified portion of this report will be made publicly available, and the Treasury Secretary will brief congressional committees on the strategy's implementation within two years.