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Combating Terrorism and Illicit Digital Finance

This act aims to strengthen the fight against the use of new financial technologies, including digital currencies, for terrorism financing and illicit activities. It establishes a special task force, offers rewards for information on criminals, and supports the development of tools to detect such threats. Citizens can feel safer due to improved oversight of financial flows in the digital world.
Key points
Establishment of an independent task force to combat terrorism and illicit financing, including private sector experts.
Introduction of rewards up to $450,000 for information leading to convictions of individuals involved in terrorist use of digital currencies.
Creation of a program to support the development of new tools and technologies for detecting and preventing illicit use of digital currencies, with preferences for open-source and proactive solutions.
Requirement for a report and strategy on how states and terrorist organizations evade sanctions using digital currencies.
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Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_296
Sponsor: Rep. Budd, Ted [R-NC-13]
Process start date: 2021-01-13
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Technology Protection Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_296.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-01-13.

What are the main provisions?

Key points include:

  • Establishment of an independent task force to combat terrorism and illicit financing, including private sector experts.
  • Introduction of rewards up to $450,000 for information leading to convictions of individuals involved in terrorist use of digital currencies.
  • Creation of a program to support the development of new tools and technologies for detecting and preventing illicit use of digital currencies, with preferences for open-source and proactive solutions.
  • Requirement for a report and strategy on how states and terrorist organizations evade sanctions using digital currencies.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Budd, Ted [R-NC-13].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Security Economy Courts and Law