Differences in legal protection in strategic financing innovations can affect market behavior and pose problems for financial integrity. This study examines Article 50A of Law Number 4 of 2026 regarding Danantara special debt instruments, especially Patriot Bonds, through a qualitative normative policy analysis with legislative, conceptual, comparative, and regulatory policy approaches. By examining legal provisions, institutional documents, constitutional trial processes, financial sector regulations, FATF assessments, and related literature, this study finds that the combination of transaction validity, different investor protections, and restrictions on the use of transaction information can affect transaction traceability, legal deterrence, and the effectiveness of financial intelligence and law enforcement. These findings do not indicate that Patriot Bonds are illegal or money laundering-related, but indicate potential vulnerabilities if legal protection is interpreted too broadly. This research proposes conditional, goal-based, and traceable investor protection as part of accountable strategic financing governance.
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