22

July

2025

Senate refers modified illicit finance bill targeting crypto and fintech to Banking Committee

The Financial Technology Protection Act of 2025 (H.R. 2384) is currently pending in the Senate Committee on Banking, Housing, and Urban Affairs. The legislation seeks to counter the growing threat of digital assets being used for terrorism financing and other illicit activities by establishing an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. If enacted, the group would be led by the Treasury Department’s Under Secretary for Terrorism and Financial Crimes and include senior officials from the DOJ, FBI, IRS, DHS, DEA, and other agencies. Private-sector representatives from financial technology firms, blockchain intelligence companies, financial institutions, academic institutions, and privacy and civil liberties groups would also participate.

The Working Group would research the illicit use of digital assets, recommend legislative and regulatory actions to strengthen anti-money laundering and counter-terrorism financing frameworks, and produce annual reports to Congress. The bill also requires a final report before its four-year sunset and the release of a public strategy to prevent sanctioned or terrorist entities from exploiting digital assets. Originally introduced in 2023 as H.R. 2969, the bill has been reintroduced in 2025 with the same core objective of addressing the misuse of emerging financial technologies.

Last updated 07/22/2025.


United States (Legislative)

History:

  • Jul 22, 2025: The Senate received the proposed bill and referred it to the Senate Committee on Banking, Housing, and Urban Affairs.
  • Jul 21, 2025: After consideration and debate, the House passed a motion to reconsider without objection
  • May 06, 2025: The House Committee on Financial Services amends the proposed bill and places it on the Union Calendar.
  • Mar 26, 2025: Rep. Zachary Nunn (R-Iowa) reintroduces the Financial Technology Protection Act to the House of Representatives of the 119th Congress. H.R. 2384.
  • Jul 23, 2024: The Senate receives the House bill and refers it to the Committee on Banking, Housing, and Urban Affairs, and the Senate failed to take up the legislation before the close of the 118th Congress.
  • Jul 22, 2024: The House of Representatives of the 118th Congress passes a bill to establish the Financial Technology Protection Act (which was first introduced in 2023) with overwhelming support from both parties. H.R. 2969.
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Amil Malik

Amil assists with various client matters in connection with digital assets and the adoption of blockchain technology, including general corporate law, securities law, and financial services regulation. She joined DLx Law after receiving her J.D. from the George Washington University School of Law, where much of her studies focused on national security and cybersecurity law.

Amil received her B.B.A./B.A. with high honors from the University of Texas at Austin. Between university and law school, Amil worked as a mergers and acquisitions analyst in New York, where she performed financial valuations and analysis as part of advisory services provided to sell-side and buy-side clients across media, consumer, technology, shipping, and financial technology industries. Amil is licensed to practice law in the District of Columbia.

Tom Momberg

+17186645458 tom.momberg@dlxlaw.com

Tom advises clients in an array of matters related to blockchain technology, decentralized finance, banking and payments systems, financial products, and financial technology applications. He joined DLx Law as an attorney after working as in-house counsel for a payments and banking software service provider, advising on various legal and regulatory matters, operations, risk, customer due diligence, and corporate best practices.

Tom received his J.D. from George Mason University Law School in Virginia and his B.A. from the University of Wisconsin-Milwaukee. Tom is a former journalist, and, while in law school, he interned for DLx Law and served as a law clerk for several federal institutions in Washington, D.C., including the CFTC, FCC, and House Judiciary Committee. Tom is admitted to practice law in the District of Columbia and the State of Oregon.

Sarah Chen

+19296345691 sarah.chen@dlxlaw.com

Sarah advises clients in all matters related to the adoption of blockchain technology, including general corporate, venture financing, securities laws and financial regulatory. Prior to joining DLx Law, Sarah was a senior associate in the M&A group of an international law firm headquartered in New York City, advising public companies and private equity firms on mergers, acquisitions, and other corporate transactions.

Sarah received her B.A. from New York University, magna cum laude, and her J.D. from Columbia Law School where she was a James Kent Scholar. During law school, Sarah also served as a judicial extern to the Hon. Debra Ann Livingston of the U.S. Court of Appeals for the Second Circuit. Sarah is licensed to practice law in the State of New York.

Gregory Strong

+3027665535 greg.strong@dlxlaw.com

Greg focuses on advising entities regarding legal issues associated with the adoption of blockchain technology. Prior to joining DLx Law, Greg was a Deputy Attorney General in the Delaware Department of Justice. He served as the Director of the Investor Protection Unit for three years and was responsible for administering and enforcing the provisions of the Delaware Securities Act. Prior to his appointment as Director of the Investor Protection Unit, Greg was the Director of the Consumer Protection Unit for three years.

Greg has successfully represented the State of Delaware in many complex civil enforcement matters alleging violations of Delaware investor and consumer protection statutes and has extensive litigation experience. Greg graduated from Lehigh University with a B.S. in Finance and received his J.D./M.B.A. from Temple University.

Angela Angelovska-Wilson

+12023651448 angela@dlxlaw.com

Angela is an early distributed ledger technology adopter and a leading authority in the evolving global legal and regulatory landscape surrounding distributed ledger technology and smart contracts. Prior to co-founding DLx Law, Angela served as the Chief Legal & Compliance Officer of Digital Asset and was part of the founding team.

Prior to joining Digital Asset, Angela was a partner at Reed Smith where she regularly advised clients on the implementation of new technologies to finance and the complex regulatory schemes involved in the development, creation, marketing, sale and servicing of various financial services and products. Before Reed Smith, Angela spent most of her career in various roles at Latham & Watkins, where she was recognized by The Legal 500 US among the top finance attorneys in the U.S.

Angela has a deep understanding of the Fin-Tech industry and in particular the distributed ledger industry, having been involved in a number of startups in various roles, as an employee, entrepreneur and advisor. In addition to DLx Law, Angela is also co-founder of Sila Inc., an innovative technology company.