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Digital Asset Sanctions Compliance Enhancement Act of 2022

USA117th CongressS-3867| Senate 
| Updated: 9/20/2022
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (12)
Tammy Duckworth (Democratic)Catherine Cortez Masto (Democratic)Richard J. Durbin (Democratic)Jack Reed (Democratic)Mark R. Warner (Democratic)Angus S. King (Independent)Chris Van Hollen (Democratic)Jon Tester (Democratic)Debbie Stabenow (Democratic)Tina Smith (Democratic)Robert Menendez (Democratic)Raphael G. Warnock (Democratic)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Digital Asset Sanctions Compliance Enhancement 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.
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Timeline
Mar 17, 2022
Introduced in Senate
Mar 17, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 20, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • March 17, 2022
    Introduced in Senate


  • March 17, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • September 20, 2022
    Committee on Banking, Housing, and Urban Affairs. Hearings held.

Finance and Financial Sector

Related Bills

  • HR 117-7429: Russian Digital Asset Sanctions Compliance 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

Digital Asset Sanctions Compliance Enhancement Act of 2022

USA117th CongressS-3867| Senate 
| Updated: 9/20/2022
Digital Asset Sanctions Compliance Enhancement 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

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Timeline
Mar 17, 2022
Introduced in Senate
Mar 17, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 20, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • March 17, 2022
    Introduced in Senate


  • March 17, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • September 20, 2022
    Committee on Banking, Housing, and Urban Affairs. Hearings held.
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (12)
Tammy Duckworth (Democratic)Catherine Cortez Masto (Democratic)Richard J. Durbin (Democratic)Jack Reed (Democratic)Mark R. Warner (Democratic)Angus S. King (Independent)Chris Van Hollen (Democratic)Jon Tester (Democratic)Debbie Stabenow (Democratic)Tina Smith (Democratic)Robert Menendez (Democratic)Raphael G. Warnock (Democratic)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 117-7429: Russian Digital Asset Sanctions Compliance 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