; and (B) is recorded using cryptographically secured distributed ledger technology, or any similar analogue. (3) Designated private sector entity The term designated private sector entity means a private sector entity designated under subsection (c). (4) Director The term Director means the Director of the Financial Crimes Enforcement Network. (5) Illicit finance violation The term illicit finance violation means the illicit use of crypto assets. (6) Illicit use The term illicit use includes fraud, darknet marketplace transactions, money laundering, the purchase and sale of illicit goods, sanctions evasion, theft of funds, funding of illegal activities, transactions related to child sexual abuse material, and any other financial transaction involving the proceeds of specified unlawful activity (as defined in section 1956(c) of title 18, United States Code). (7) Money services business The term money services business has the meaning given the term in section 1010.100 of title 31, Code of Federal Regulations, or any successor regulation. (8) Secretary The term Secretary means the Secretary of Homeland Security. (b) Establishment of program The Attorney General shall establish a pilot program under which covered agencies and designated private sector entities securely share information about potential illicit finance violations and threats and emerging risks relating to illicit finance violations. (c) Designation of private sector entities (1) Required designation (A) Initial designation Not later than 90 days after the date of enactment of this Act, the Attorney General, in consultation with the Director and the Secretary, shall designate 10 private sector entities that are money services businesses and 10 private sector entities from the crypto asset industry to participate in the pilot program established under subsection (b). (B) Biannual review Not less frequently than once every 6 months, the Attorney General, in consultation with the Director and the Secretary, shall review and, as appropriate, replace the