Russia Cryptocurrency Transparency Act

United States117th CongressHR-7338House of Representatives
Updated: Sep 21, 2022

Summary

Russia Cryptocurrency Transparency Act This bill requires the Department of State to notify Congress before paying out a reward in cryptocurrency under an existing program that authorizes rewards for information leading to the arrest or conviction of parties responsible for certain criminal acts. (Current law allows such rewards to consist of money, nonmonetary items, or both.) The State Department must also report to Congress on any cryptocurrency payments made under the rewards program, including an explanation of why a reward was made using cryptocurrency. The bill also requires the State Department to report to Congress on the most effective avenues to provide aid to Ukraine, including possible uses of cryptocurrencies or other blockchain-related technologies. (Blockchain is a digital ledger technology that allows for transactions without a trusted intermediary, such as a bank.) The Department of the Treasury must report to Congress an assessment of how digital currencies can affect the effectiveness and enforcement of U.S. sanctions relating to Russia's invasion of Ukraine.

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Timeline

  1. Passed/agreed to in House: Pursuant to section 2 of H. Res. 1361, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1433, as amended; H.R. 4009, as amended; H.R. 4358, as amended; H.R. 6265; H.R. 6846, as amended; H.R. 7240, as amended; H.R. 7338, as amended; H.R. 8453, as amended; H.R. 8503, as amended; and H.R. 8520, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 558, as amended.

  2. Pursuant to section 2 of H. Res. 1361, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1433, as amended; H.R. 4009, as amended; H.R. 4358, as amended; H.R. 6265; H.R. 6846, as amended; H.R. 7240, as amended; H.R. 7338, as amended; H.R. 8453, as amended; H.R. 8503, as amended; and H.R. 8520, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 558, as amended. (consideration: CR H7984-7992; text: CR H7986-7987)

    House of Representatives

  3. The title of the measure was amended. Agreed to without objection.

    House of Representatives

  4. Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

    Senate