For decades, the United States’s adversaries have exploited gaps in our financial system to fund terrorism, evade sanctions, and wage economic warfare against our interests. We have always adapted, tightening the rules, closing loopholes, and staying one step ahead. But in recent years, a new and largely unregulated financial ecosystem has emerged, and our enemies have taken full advantage of our failure to act.

Digital assets now move hundreds of billions of dollars across borders daily, often with minimal oversight, minimal accountability, and minimal cooperation with the law enforcement and intelligence agencies charged with keeping Americans safe. That is not a policy nuance. It is a national security emergency.