The bipartisan bill, introduced Thursday in the U.S. Senate as well as the House of Representatives, would require the federal government study crypto-use cases for illegal activities and make recommendations on how these uses can be mitigated.

The Financial Technology Protection Act is co-sponsored Senators Kirsten Gilibrand (D.Y.) Ted Budd(R.N.C.), Zachary Nunn(R.Iowa), and Jim Himes(D.Conn.). It would create a group to study how terrorists and other criminals could use cryptocurrencies or other new financial technology, and then create proposals for Congress as well as regulatory agencies that aim to counter these uses.

Nunn, who is a first-term Congressman, told CoinDesk that the goal was to do an analysis, and then develop a regulatory framework to respond to it. This bill has been introduced before.

He said: “The reality is that the threat vector for our adversaries is changing, not only for cybercriminals, but also for terrorists, cartels and nation-states who are using illicit money to do everything from buy weapons to traffic people across the border or to buy fentanyl,”

Himes said in a statement that the rapid evolution of the financial system requires increased attention.

He said: “I’m glad to support this group, which will bring together senior members of Intelligence Community and experts in financial innovations under a shared mission of tracking illegal financing by malicious agents.”

The bill was presented ahead of three hearings, hosted by Financial Services Committee Subcommittees as well as a House Agriculture Committee Subcommittee. All of these hearings focused on illicit or crypto finance.

The group will be made up of representatives of the U.S. Treasury Department (Treasury Department), Financial Crimes Enforcement Network, Internal Revenue Services, Office of Foreign Asset Control, Drug Enforcement Agency (DEA), Department of Homeland Security (DHS), Department of Justice (DOJ), Department of State (DOS), and the CIA.

If the bill passes, industry representatives from financial institutions, analytics companies, research organizations, and other financial technology firms would be added to the group.

Nunn noted that many of these companies already have their own methods for tackling illicit finance. They also work with the law enforcement. “The problem is, it’s fragmented,” Nunn stated. Nunn hopes that the bill will lead to an industry-wide approach to these problems.

The bill specifies a number deadlines, including annual reports about what the group has done over the last year and its recommendations; a final document four years after it is signed into law and other interim documents.

The bill stated that Congress would be informed of the results of the different reports.

The bill doesn’t get into the larger conversation in Congress on how crypto should be regulated. Nunn pointed out that there are still questions about jurisdiction between the Securities and Exchange Commission and Commodity Futures Trading Commission, each of which report to a separate Congressional committee.

CORRECTION: Corrects the fact that Rep. Himes was the ranking member of the House Intelligence Committee.

James Rubin is the editor.