This bill establishes an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing , aiming to address the evolving challenges posed by digital assets and other emerging technologies in the context of illicit finance. Chaired by the Under Secretary for Terrorism and Financial Crimes, the group's primary purpose is to enhance the United States' capabilities in anti-money laundering (AML) and counter-terrorist financing (CTF) efforts. The Working Group will comprise senior-level representatives from various federal agencies, including the Department of the Treasury, Department of Justice, FBI, and Department of Homeland Security. It will also include at least five appointed individuals representing financial technology companies , blockchain intelligence companies , financial institutions, research organizations, and privacy advocates. The group's key duties involve conducting research on the terrorist and illicit use of digital assets and developing comprehensive legislative and regulatory proposals. The Working Group is mandated to submit annual reports to Congress and relevant agencies for three years, detailing its findings and proposed solutions, culminating in a final report before its termination after four years. Furthermore, the bill requires the President, through the Secretary of the Treasury, to submit a report within 180 days describing the potential illicit uses of digital assets by rogue actors. This report must also outline a strategy to mitigate and prevent states, non-state actors, and foreign terrorist organizations from using these technologies to evade sanctions, finance terrorism, or launder money.