H.R. 7429 · 117th Congress
Russian Digital Asset Sanctions Compliance Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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ShermanSponsor15 cosponsors · 15 D
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Wild15 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows additional sanctions against Russia and creates specified reporting requirements regarding digital assets.
What it does: CRS summary · Introduced in House · Apr 6, 2022
Russian Digital Asset Sanctions Compliance Act of 2022
This bill allows additional sanctions against Russia and creates specified reporting requirements regarding digital assets.
Specifically, the President must periodically identify foreign persons who facilitate evasion of Russian sanctions using digital assets. The bill authorizes sanctions against such persons.
The bill requires a U.S. taxpayer engaged in offshore digital asset transactions greater than $10,000 to file an annual Report of Foreign Bank and Financial Accounts with the Financial Crimes Enforcement Network.
The bill allows the Department of the Treasury to prohibit U.S. digital asset trading platforms and transaction facilitators from transacting with Russian digital asset addresses. Additionally, Treasury must report on its progress in implementing the bill and must annually identify foreign digital asset trading platforms that are a high risk for sanctions evasion, money laundering, and other illicit activities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Russian Digital Asset Sanctions Compliance Act of 2022
Latest action (Apr 6, 2022): Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 6, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.