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Crypto Bill to Combat Illicit Activity Gets New Push After Passing U.S. House in 2024
The House of Representatives legislation would set up a government group across the Treasury, Justice Department and Secret Service to head off bad actors.
Mar 28, 2025, 2:17 p.m.
What to know:
- U.S. Representatives Zach Nunn (R-Iowa) and Jim Himes (D-Conn.) again introduced the Financial Technology Protection Act on Thursday, which passed the U.S. House of Representatives in the previous session.
- The bill proposes a cross-government group of law-enforcement entities to help combat illicit crypto financing, and the working group would includes crypto industry leaders and analysts.
U.S. Representatives Zach Nunn (R-Iowa) and Jim Himes (D-Conn.) reintroduced a bill to help combat illicit finance and terrorist financing on digital asset platforms after the previous version passed the House of Representatives last year failed to make progress in the Senate before the end of the congressional session.
The Financial Technology Protection Act (FTPA) introduced on Thursday would set up an interagency working group, also including crypto industry insiders, to scrutinize activity related to terrorism and digital assets.
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An earlier version of the bill was cleared in a routine vote by the House in July.
"Digital assets are an increasingly integral part of the global financial system, and it’s essential that the United States takes a thoughtful approach to security and innovation to maintain its leadership position," the Director of US Policy at Crypto Council for Innovation, Rashan Colbert said in a statement supporting the bill.
The proposed working group would include representatives from the Department of Justice, Treasury's Financial Crimes Enforcement Network, Federal Bureau of Investigation, Department of State, the Internal Revenue Service and others.
This bipartisan bill was among several crypto initiatives that won House support last year, and efforts to address illicit-finance concerns have always been among the top issues that lawmakers — especially Democrats — have sought to enact. The new administration of President Donald Trump has embraced and called for digital assets legislation, but more notably for stablecoin regulation and a comprehensive bill to set the rules for structuring the U.S. crypto markets.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing "clear guardrails" for firms.
What to know:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.
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