I 

115TH CONGRESS 

2D SESSION H. R. 5227 

To require a report and strategy with respect to virtual currencies and 

other related emerging technologies being used to evade sanctions, finance 

terrorism, and launder monetary instruments, and threaten United States 

national security, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 8, 2018 

Mr. MEADOWS (for himself and Mr. ZELDIN) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To require a report and strategy with respect to virtual 

currencies and other related emerging technologies being 

used to evade sanctions, finance terrorism, and launder 

monetary instruments, and threaten United States national security, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Preventing Rogue and 

5 Foreign Actors From Evading Sanctions Act’’. 


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1 SEC. 2. REPORT AND STRATEGY WITH RESPECT TO VIR2 TUAL CURRENCIES AND OTHER RELATED 

3 EMERGING TECHNOLOGIES. 

4 (a) IN GENERAL.—Not later than 180 days after the 

5 date of the enactment of this Act, the President, acting 

6 through the Secretary of Treasury and in consultation 

7 with the Attorney General, the Secretary of State, the Sec8 retary of Homeland Security, the Director of National In9 telligence, the Director of the Office of Management and 

10 Budget, and the appropriate Federal banking agencies 

11 and Federal functional regulators, shall— 

12 (1) submit to the appropriate congressional 

13 committees a report that identifies and describes the 

14 potential uses of virtual currencies and other related 

15 emerging technologies by states, non-state actors, 

16 and foreign terrorist organizations to evade sanc17 tions, finance terrorism, or launder monetary instru18 ments, and threaten United States national security; 

19 and 

20 (2) develop and submit to the appropriate con21 gressional committees a strategy to mitigate and 

22 prevent such illicit use of virtual currencies and 

23 other related emerging technologies. 

24 (b) FORM; PUBLIC AVAILABILITY.— 


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1 (1) FORM.—The report and strategy required 

2 under subsection (a) shall be submitted in unclassi3 fied form, but may contain a classified annex. 

4 (2) PUBLIC AVAILABILITY.—The unclassified 

5 portion of such report and strategy shall be made 

6 available to the public and posted on the internet 

7 website of the Department of Treasury— 

8 (A) in pre-compressed, easily downloadable 

9 versions that are made available in all appro10 priate formats; and 

11 (B) in machine-readable format, if applica12 ble. 

13 (c) SOURCES OF INFORMATION.—In preparing the 

14 report and strategy required under subsection (a), the 

15 President may utilize any credible publication, database, 

16 web-based resource, and any credible information compiled 

17 by any government agency, nongovernmental organization, 

18 or other entity that is made available to the President. 

19 SEC. 3. BRIEFING. 

20 Not later than 2 years after the date of the enact21 ment of this Act, the Secretary of the Treasury shall brief 

22 the appropriate congressional committees on the imple23 mentation of the strategy required under section 2. 

24 SEC. 4. DEFINITIONS. 

25 In this Act: 


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1 (1) APPROPRIATE CONGRESSIONAL COMMIT2 TEES.—The term ‘‘appropriate congressional com3 mittees’’ means— 

4 (A) the Committee on Financial Services, 

5 the Committee on the Judiciary, the Permanent 

6 Select Committee on Intelligence, and the Com7 mittee on Foreign Affairs of the House of Rep8 resentatives; and 

9 (B) the Committee on Banking, Housing, 

10 and Urban Affairs, the Committee on Home11 land Security and Governmental Affairs, the 

12 Committee on the Judiciary, the Select Com13 mittee on Intelligence, and the Committee on 

14 Foreign Relations of the Senate. 

15 (2) APPROPRIATE FEDERAL BANKING AGEN16 CIES.—The term ‘‘appropriate Federal banking 

17 agencies’’ has the meaning given the term in section 

18 3 of the Federal Deposit Insurance Act (12 U.S.C. 

19 1813). 

20 (3) VIRTUAL CURRENCY.—The term ‘‘virtual 

21 currency’’ means a currency that— 

22 (A) is a digital representation of value that 

23 can be digitally traded; 

24 (B) is used as a medium of exchange, unit 

25 of account, or store, of value; and 


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1 (C) is not used to be a legal tender, wheth2 er or not denominated in legal tender. 

3 (4) FEDERAL FUNCTIONAL REGULATOR.—The 

4 term ‘‘Federal functional regulator’’ has the mean5 ing given that term in section 509 of the Gramm6 Leach-Bliley Act (15 U.S.C. 6809). 

7 (5) FOREIGN TERRORIST ORGANIZATION.—The 

8 term ‘‘foreign terrorist organization’’ means an or9 ganization that is designated as a foreign terrorist 

10 organization under section 219 of the Immigration 

11 and Nationality Act (8 U.S.C. 1189). 

Æ 


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