Study on illicit use of digital assets

(a) In general One year after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Securities and Exchange Commission and the Commodity Futures Trading Commission, in conjunction with the Secretary of the Treasury, shall conduct a comprehensive review of how Foreign Terrorist Organizations and Transnational Criminal Syndicates utilize digital assets in connection with illicit activities. (b) Scope This Report Not later than 180 days after completing the review under subsection (a), the Secretary of the Treasury shall include an analysis of whether the Securities and Exchange Commission and the Commodity Futures Trading Commission have the necessary tools and resources to effectively detect, disrupt, and deter illicit financial activity. (c) Report The two Commissions shall jointly issue a report to the Committees on Agriculture and on Financial Services of the House of Representatives and the Committees on Agriculture, Nutrition, and Forestry and on Banking, Housing, and Urban Affairs of the Senate on the findings of the Commissions.Secretary, including— (1) an assessment of how Foreign Terrorist Organizations and Transnational Criminal Syndicates utilize digital assets in connection with illicit activities; and (2) recommendations to assist the Securities and Exchange Commission and the Commodity Futures Trading Commission in strengthening compliance and enforcement of digital assets-related entities registered with their respective agencies.