Legis Daily

Russian Digital Asset Sanctions Compliance Act of 2022

USA117th CongressHR-7429| House 
| Updated: 4/6/2022
Brad Sherman

Brad Sherman

Democratic Representative

California

Cosponsors (15)
Al Lawson (Democratic)John Garamendi (Democratic)Chris Pappas (Democratic)Emanuel Cleaver (Democratic)Carolyn B. Maloney (Democratic)Juan Vargas (Democratic)Carolyn Bourdeaux (Democratic)Madeleine Dean (Democratic)Ted Lieu (Democratic)Al Green (Democratic)Alma S. Adams (Democratic)Jim Costa (Democratic)Kweisi Mfume (Democratic)Lloyd Doggett (Democratic)Susan Wild (Democratic)

Foreign Affairs Committee, Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 6, 2022
Introduced in House
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.
  • April 6, 2022
    Introduced in House


  • April 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.

Finance and Financial Sector

Related Bills

  • S 117-3867: Digital Asset Sanctions Compliance Enhancement Act of 2022
AlliancesCongressional oversightCurrencyDigital mediaEuropeFinancial services and investmentsForeign and international bankingForeign propertyFraud offenses and financial crimesGovernment information and archivesInternet, web applications, social mediaPresidents and presidential powers, Vice PresidentsRussiaSanctionsTrade restrictionsU.S. and foreign investmentsWar and emergency powers

Russian Digital Asset Sanctions Compliance Act of 2022

USA117th CongressHR-7429| House 
| Updated: 4/6/2022
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 6, 2022
Introduced in House
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.
  • April 6, 2022
    Introduced in House


  • April 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.
Brad Sherman

Brad Sherman

Democratic Representative

California

Cosponsors (15)
Al Lawson (Democratic)John Garamendi (Democratic)Chris Pappas (Democratic)Emanuel Cleaver (Democratic)Carolyn B. Maloney (Democratic)Juan Vargas (Democratic)Carolyn Bourdeaux (Democratic)Madeleine Dean (Democratic)Ted Lieu (Democratic)Al Green (Democratic)Alma S. Adams (Democratic)Jim Costa (Democratic)Kweisi Mfume (Democratic)Lloyd Doggett (Democratic)Susan Wild (Democratic)

Foreign Affairs Committee, Financial Services Committee

Finance and Financial Sector

Related Bills

  • S 117-3867: Digital Asset Sanctions Compliance Enhancement Act of 2022
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AlliancesCongressional oversightCurrencyDigital mediaEuropeFinancial services and investmentsForeign and international bankingForeign propertyFraud offenses and financial crimesGovernment information and archivesInternet, web applications, social mediaPresidents and presidential powers, Vice PresidentsRussiaSanctionsTrade restrictionsU.S. and foreign investmentsWar and emergency powers