House Passes Crypto AML/CFT Bill and 11 Others

The Financial Technology Protection Act (H.R. 2384) was one of 12 financial services bills passed this week by the House of Representatives.

The 12 bills came from the House Financial Services Committee, the committee said in a Wednesday (July 23) press release.

The Financial Technology Protection Act establishes an Independent Financial Technology Working Group that will focus on combating terrorism, money laundering and other illicit finance through the use of digital assets and other financial technologies, according to the release.

The sponsor of the bill, Rep. Zach Nunn, R-Iowa, said in a Monday (July 21) blog post that there are currently more than 15 federal agencies that oversee digital asset security “and they have overlapping rules, no shared plan and zero direct coordination with the tech industry.”

The bill would bring together tech leaders and government regulators to “create a coordinated strategy that would prevent foreign governments and bad actors from using digital assets like crypto to launder money or fund terrorism,” Nunn said in the post.

The Financial Technology Protection Act unanimously passed the House by a voice vote, according to the House Financial Services Committee’s press release.

The other 11 financial services bills passed this week by the House cover several issues, per the release.

The Middle Market IPO Underwriting Cost Act (H.R. 3395) calls for a study of the costs associated with small- and medium-sized companies going public through the initial public offering (IPO) process.

The Taiwan Conflict Deterrence Act of 2025 (H.R. 1716) requires the Secretary of the Treasury to disclose the estimated illicit funds of China’s top officials if China threatens Taiwan’s national security.

The Senior Security Act (H.R. 1469) establishes a Senior Investor Taskforce within the Securities and Exchange Commission (SEC) to seek ways to protect seniors from financial exploitation.

The Small Entity Update Act (H.R. 3382) directs the SEC to modernize the definition of a small entity and ensure that small firms are given “tailored, proportional oversight,” the release said.

The Equal Opportunity for All Investors Act (H.R. 3339) creates an exam that allows individuals to qualify as accredited investors.

The Greenlighting Growth Act (H.R. 3343) updates Title I of the JOBS Act by clarifying that emerging growth companies do not need to provide financial statements for a period earlier than the two years required during their IPO.

The Improving Access to Small Business Information Act (H.R. 3351) clarifies that the SEC’s Office of the Advocate for Small Business Capital Formation is not subject to the requirements of the Paper Reduction Act.

The OFAC Licensure for Investigators Act (H.R. 1450) authorizes private sector firms with an Office of Foreign Assets Control (OFAC) license to conduct nominal transactions with sanctioned entities.

The China Financial Threat Mitigation Act of 2025 (H.R. 1549) requires the Department of Treasury to review the risks from China’s financial sector and the reliability of its economic data.

The Aligning SEC Regulations for the World Bank’s International Development Association (IDA) Act (H.R. 1764) classifies securities issued by the IDA as exempted securities, subject to appropriate reporting requirements as determined by the SEC.

The Enhancing Multi-Class Share Disclosures Act (H.R. 3357) requires issuers with a multi-class stock structure to make certain disclosures in any proxy or consent solicitation material.

Among these 11 bills, H.R. 3351 passed by a vote of 387-12, H.R. 1549 passed by a voice vote, H.R. 3357 passed by a vote of 381-31, and the other eight unanimously passed the House by a voice vote, according to the release.