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 na-
tional security, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Preventing Rogue and 
Foreign Actors From Evading Sanctions Act’’. 
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SEC. 2. REPORT AND STRATEGY WITH RESPECT TO VIR-
TUAL CURRENCIES AND OTHER RELATED 
EMERGING TECHNOLOGIES. 
(a) IN GENERAL.—Not later than 180 days after the 
date of the enactment of this Act, the President, acting 
through the Secretary of Treasury and in consultation 
with the Attorney General, the Secretary of State, the Sec-
retary of Homeland Security, the Director of National In-
telligence, the Director of the Office of Management and 
Budget, and the appropriate Federal banking agencies 
and Federal functional regulators, shall— 
(1) submit to the appropriate congressional 
committees a report that identifies and describes the 
potential uses of virtual currencies and other related 
emerging technologies by states, non-state actors, 
and foreign terrorist organizations to evade sanc-
tions, finance terrorism, or launder monetary instru-
ments, and threaten United States national security; 
and 
(2) develop and submit to the appropriate con-
gressional committees a strategy to mitigate and 
prevent such illicit use of virtual currencies and 
other related emerging technologies. 
(b) FORM; PUBLIC AVAILABILITY.— 
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(1) FORM.—The report and strategy required 
under subsection (a) shall be submitted in unclassi-
fied form, but may contain a classified annex. 
(2) PUBLIC
AVAILABILITY.—The unclassified 
portion of such report and strategy shall be made 
available to the public and posted on the internet 
website of the Department of Treasury— 
(A) in pre-compressed, easily downloadable 
versions that are made available in all appro-
priate formats; and 
(B) in machine-readable format, if applica-
ble. 
(c) SOURCES OF INFORMATION.—In preparing the 
report and strategy required under subsection (a), the 
President may utilize any credible publication, database, 
web-based resource, and any credible information compiled 
by any government agency, nongovernmental organization, 
or other entity that is made available to the President. 
SEC. 3. BRIEFING. 
Not later than 2 years after the date of the enact-
ment of this Act, the Secretary of the Treasury shall brief 
the appropriate congressional committees on the imple-
mentation of the strategy required under section 2. 
SEC. 4. DEFINITIONS. 
In this Act: 
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(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Financial Services, 
the Committee on the Judiciary, the Permanent 
Select Committee on Intelligence, and the Com-
mittee on Foreign Affairs of the House of Rep-
resentatives; and 
(B) the Committee on Banking, Housing, 
and Urban Affairs, the Committee on Home-
land Security and Governmental Affairs, the 
Committee on the Judiciary, the Select Com-
mittee on Intelligence, and the Committee on 
Foreign Relations of the Senate. 
(2) APPROPRIATE
FEDERAL
BANKING
AGEN-
CIES.—The term ‘‘appropriate Federal banking 
agencies’’ has the meaning given the term in section 
3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813). 
(3) VIRTUAL
CURRENCY.—The term ‘‘virtual 
currency’’ means a currency that— 
(A) is a digital representation of value that 
can be digitally traded; 
(B) is used as a medium of exchange, unit 
of account, or store, of value; and 
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(C) is not used to be a legal tender, wheth-
er or not denominated in legal tender. 
(4) FEDERAL FUNCTIONAL REGULATOR.—The 
term ‘‘Federal functional regulator’’ has the mean-
ing given that term in section 509 of the Gramm- 
Leach-Bliley Act (15 U.S.C. 6809). 
(5) FOREIGN TERRORIST ORGANIZATION.—The 
term ‘‘foreign terrorist organization’’ means an or-
ganization that is designated as a foreign terrorist 
organization under section 219 of the Immigration 
and Nationality Act (8 U.S.C. 1189). 
Æ 
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