(A) in the section header, by striking 
‘‘AND SHIPBUILDING’’ and inserting ‘‘SHIP-
BUILDING, AND FINANCIAL’’; 
(B) in subsection (a)(1), by striking ‘‘and 
shipbuilding’’ and inserting ‘‘shipbuilding, and 
financial’’; 
(C) in subsection (b)— 
(i) in the subsection header, by strik-
ing ‘‘AND SHIPBUILDING’’ and inserting 
‘‘SHIPBUILDING, AND FINANCIAL’’; and 
(ii) by striking ‘‘and shipbuilding’’ 
and inserting ‘‘shipbuilding, and finan-
cial’’; 
(D) in subsection (c)— 
(i) in the subsection header, by strik-
ing ‘‘AND SHIPBUILDING’’ and inserting 
‘‘SHIPBUILDING, AND FINANCIAL’’; 
(ii) in paragraph (2)— 
(I) in subparagraph (A), by strik-
ing ‘‘or shipbuilding’’ and inserting 
‘‘shipbuilding, or financial’’; and 
(II) in subparagraph (C)— 
(aa) in clause (i), by striking 
‘‘or shipbuilding’’ and inserting 
‘‘shipbuilding, or financial’’; and 
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(bb) in clause (iii), by strik-
ing ‘‘(other than an Iranian fi-
nancial institution described in 
paragraph (3))’’; and 
(iii) by striking paragraph (3); and 
(E) in subsection (d)— 
(i) in the subsection header, by strik-
ing ‘‘AND SHIPBUILDING’’ and inserting 
‘‘SHIPBUILDING, AND FINANCIAL’’; and 
(ii) in paragraph (3), by striking ‘‘or 
shipbuilding’’ and inserting ‘‘shipbuilding, 
or financial’’. 
(2) CLERICAL AMENDMENT.—The table of con-
tents for the Iran Freedom and Counter-Prolifera-
tion Act of 2012 is amended by striking the item re-
lating to section 1244 and inserting the following: 
‘‘Sec. 1244. Imposition of sanctions with respect to the energy, shipping, ship-
building, and financial sectors of Iran.’’. 
(b) SANCTIONS WITH RESPECT TO SALE, SUPPLY, 
OR TRANSFER OF CERTAIN MATERIALS.— 
(1) IN
GENERAL.—Section 1245 of the Iran 
Freedom and Counter-Proliferation Act of 2012 (22 
U.S.C. 8804) is amended— 
(A) in subsection (a)(1)(C)(i)— 
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(i) in subclause (I), by striking ‘‘or 
shipbuilding’’ and inserting ‘‘shipbuilding, 
or financial’’; and 
(ii) in subclause (II), by striking 
‘‘(other than an Iranian financial institu-
tion described in subsection (b))’’; 
(B) by striking subsection (b); and 
(C) 
by 
redesignating 
subsections 
(c) 
through (h) as subsections (b) through (g), re-
spectively. 
(2) CONFORMING AMENDMENTS.— 
(A) IN GENERAL.—Such section is further 
amended— 
(i) in subsection (a)(1)— 
(I) in subparagraph (B)— 
(aa) by striking ‘‘subsection 
(d)’’ and inserting ‘‘subsection 
(c)’’; and 
(bb) by striking ‘‘subsection 
(e)(1)’’ and inserting ‘‘subsection 
(d)(1)’’; and 
(II) in subparagraph (C)— 
(aa) in the matter preceding 
clause (i), by striking ‘‘subsection 
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(d)’’ and inserting ‘‘subsection 
(c)’’; and 
(bb) in clause (i)— 
(AA) in subclause (I), 
by 
striking 
‘‘subsection 
(e)(2)’’ and inserting ‘‘sub-
section (d)(2)’’; and 
(BB) in subclause (III), 
by 
striking 
‘‘subsection 
(e)(3)’’ and inserting ‘‘sub-
section (d)(3)’’; 
(ii) in subsection (d), as redesignated 
by paragraph (1)(C)— 
(I) in paragraph (1)(A), by strik-
ing ‘‘subsection (d)’’ and inserting 
‘‘subsection (c)’’; and 
(II) in paragraph (3), by striking 
‘‘subsection (d)’’ and inserting ‘‘sub-
section (c)’’; and 
(iii) in subsection (e), as so redesig-
nated, by striking ‘‘subsection (a) or (c)’’ 
and inserting ‘‘subsection (a) or (b)’’. 
(B) SANCTIONS WITH RESPECT TO UNDER-
WRITING SERVICES OR INSURANCE OR REINSUR-
ANCE.—Section 1246(a)(1)(B)(ii) of the Iran 
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Freedom and Counter-Proliferation Act of 2012 
(22 U.S.C. 8805(a)(1)(B)(ii)) is amended by 
striking ‘‘section 1245(d)’’ and inserting ‘‘sec-
tion 1245(c)’’. 
(C) APPLICATION OF IRAN SANCTIONS ACT 
OF 1996.—Section 1253(c) of the Iran Freedom 
and Counter-Proliferation Act of 2012 (22 
U.S.C. 8809(c)) is amended by striking 
‘‘1245(g)’’ and inserting ‘‘1245(f)’’. 
(c) SANCTIONS WITH RESPECT TO UNDERWRITING 
SERVICES OR INSURANCE OR REINSURANCE.— 
(1) IN
GENERAL.—Section 1246 of the Iran 
Freedom and Counter-Proliferation Act of 2012 (22 
U.S.C. 8805) is amended— 
(A) in subsection (a)(1)— 
(i) in subparagraph (B)(i), by striking 
‘‘or shipbuilding’’ and inserting ‘‘ship-
building, or financial’’; and 
(ii) in subparagraph (C), by striking 
‘‘(other than an Iranian financial institu-
tion described in subsection (b))’’; 
(B) by striking subsection (b); and 
(C) by redesignating subsections (c), (d), 
and (e) as subsections (b), (c), and (d), respec-
tively. 
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(2) 
CONFORMING
AMENDMENT.—Section 
1253(c) of the Iran Freedom and Counter-Prolifera-
tion Act of 2012 (22 U.S.C. 8809(c)) is amended by 
striking ‘‘1246(e)’’ and inserting ‘‘1246(d)’’. 
SEC. 204. AUTHORIZATION OF IMPOSITION OF TERRORISM- 
RELATED SANCTIONS WITH RESPECT TO IRA-
NIAN FINANCIAL INSTITUTIONS. 
(a) IN GENERAL.—The Comprehensive Iran Sanc-
tions, Accountability, and Divestment Act of 2010 (22 
U.S.C. 8501 et seq.) is amended by inserting after section 
104A the following: 
‘‘SEC. 104B. AUTHORIZATION OF IMPOSITION OF TER-
RORISM-RELATED 
SANCTIONS 
WITH 
RE-
SPECT 
TO 
IRANIAN 
FINANCIAL 
INSTITU-
TIONS. 
‘‘(a) IN GENERAL.—The President may impose the 
sanctions described in subsection (b) with respect to an 
Iranian financial institution and any foreign person that 
is an official, agent, or affiliate of an Iranian financial 
institution. 
‘‘(b) SANCTIONS DESCRIBED.—The sanctions de-
scribed in this subsection are sanctions applicable with re-
spect to a foreign person pursuant to Executive Order No. 
13224 (50 U.S.C. 1701 note; relating to blocking property 
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and prohibiting transactions with persons who commit, 
threaten to commit, or support terrorism). 
‘‘(c) IRANIAN FINANCIAL INSTITUTION DEFINED.— 
In this section, the term ‘Iranian financial institution’ has 
the meaning given that term in section 104A(d)(3).’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 (22 U.S.C. 8501 et seq.) is 
amended by inserting after the item relating to section 
104A the following: 
‘‘Sec. 104B. Authorization of imposition of terrorism-related sanctions with re-
spect to Iranian financial institutions.’’. 
TITLE III—SANCTIONS WITH RE-
SPECT 
TO 
THE 
DEVELOP-
MENT AND USE OF IRANIAN 
DIGITAL CURRENCY 
SEC. 301. DEFINITIONS. 
In this title: 
(1) 
CORRESPONDENT
ACCOUNT; 
PAYABLE- 
THROUGH ACCOUNT.—The terms ‘‘correspondent ac-
count’’ and ‘‘payable-through account’’ have the 
meanings given those terms in section 5318A of title 
31, United States Code. 
(2) DIGITAL CURRENCY EXCHANGE.—The term 
‘‘digital currency exchange’’ means any organization, 
association, or group of persons, whether incor-
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pamtmann on DSKBFK8HB2PROD with BILLS
porated or unincorporated, which constitutes, main-
tains, or provides a market place or facilities for 
bringing together purchasers and sellers of digital 
currencies or for otherwise performing with respect 
to digital currencies the functions commonly per-
formed by an exchange as that term is generally un-
derstood, and includes the market place and the 
market facilities maintained by such digital currency 
exchange. 
(3) FOREIGN PERSON.—The term ‘‘foreign per-
son’’ means a person that is not a United States 
person. 
(4) IRANIAN
DIGITAL
CURRENCY.—The term 
‘‘Iranian digital currency’’ means any digital cur-
rency, digital coin, or digital token that was issued 
by, for, or on behalf of the Government of Iran. 
(5) 
UNITED
STATES
PERSON.—The 
term 
‘‘United States person’’ means any United States 
citizen, permanent resident alien, entity organized 
under the laws of the United States or any jurisdic-
tion within the United States (including foreign 
branches), or person in the United States. 
SEC. 302. FINDINGS. 
Congress makes the following findings: 
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(1) On February 13, 2018, the Under Secretary 
of the Treasury for Terrorism and Financial Intel-
ligence stated that ‘‘Rogue regimes like Venezuela 
experiment with and use digital and virtual cur-
rencies to hide their ill-gotten gains and finance 
their illicit activities. Recently, for example, Ven-
ezuela announced plans to create the ‘petro’ digital 
currency to try and sidestep our powerful sanc-
tions.’’. 
(2) In April 2018, the Minister of Information 
and Communications Technology of Iran stated that 
‘‘the experimental model was ready’’ for a digital 
currency developed by the Government of Iran. 
(3) In June 2018, the Deputy for Management 
and Investment at the Directorate for Scientific and 
Technological Affairs of Iran stated that ‘‘We are 
trying to prepare the grounds to use a domestic dig-
ital currency in the country . . . This currency 
would facilitate the transfer of money (to and from) 
anywhere in the world. Besides, it can help us at the 
time of sanctions.’’. 
(4) In October 2018, the head of the Civil De-
fense 
Organization 
of 
Iran 
stated 
that 
‘‘cryptocurrencies can help bypass certain sanctions 
through untraceable banking operations’’. 
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SEC. 303. PROHIBITION ON TRANSACTIONS RELATED TO, 
PROVISION OF FINANCING FOR, AND OTHER 
DEALINGS IN IRANIAN DIGITAL CURRENCY. 
(a) IN GENERAL.—All transactions related to, provi-
sion of financing for, and other dealings in Iranian digital 
currency by a United States person or within the United 
States are prohibited. 
(b) PENALTIES.—The penalties provided for in sub-
sections (b) and (c) of section 206 of the International 
Emergency Economic Powers Act (50 U.S.C. 1705) shall 
apply to a person that knowingly violates, attempts to vio-
late, conspires to violate, or causes a violation of sub-
section (a) to the same extent that such penalties apply 
to a person that knowingly commits an unlawful act de-
scribed in section 206(a) of such Act. 
SEC. 304. SANCTIONS WITH RESPECT TO FOREIGN PER-
SONS THAT ENGAGE IN SIGNIFICANT TRANS-
ACTIONS FOR THE SALE, SUPPLY, OR TRANS-
FER TO IRAN OF SIGNIFICANT GOODS OR 
SERVICES USED IN CONNECTION WITH THE 
DEVELOPMENT OF IRANIAN DIGITAL CUR-
RENCY. 
The President shall impose 5 or more of the sanctions 
described in section 6(a) of the Iran Sanctions Act of 1996 
(Public Law 104–172; 50 U.S.C. 1701 note) with respect 
to any foreign person that the President determines know-
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ingly engages, on or after the date of the enactment of 
this Act, in a significant transaction for the sale, supply, 
or transfer to Iran of significant goods or services, or tech-
nological support, used in connection with the development 
of Iranian digital currency. 
SEC. 305. SANCTIONS WITH RESPECT TO FOREIGN PER-
SONS THAT CONDUCT OR FACILITATE SIG-
NIFICANT TRANSACTIONS RELATED TO THE 
PURCHASE OR SALE OF IRANIAN DIGITAL 
CURRENCY 
OR 
MAINTAIN 
SIGNIFICANT 
AMOUNTS IN IRANIAN DIGITAL CURRENCY. 
(a) IN GENERAL.—The President may impose the 
sanctions described in subsection (b) with respect to a for-
eign person if the President determines that the foreign 
person, on or after the date of the enactment of this Act— 
(1) knowingly conducts or facilitates any sig-
nificant transaction related to the purchase or sale 
of Iranian digital currency or a derivative, swap, fu-
ture, forward, or other similar contract the value of 
which is based on the exchange rate of Iranian dig-
ital currency; or 
(2) maintains significant amounts denominated 
in Iranian digital currency outside the territory of 
Iran. 
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(b) SANCTIONS DESCRIBED.—The sanctions to be 
imposed on a foreign person under this subsection are the 
following: 
(1) CORRESPONDENT AND PAYABLE-THROUGH 
ACCOUNT LIMITATIONS.—With respect to any digital 
currency exchange subject to sanctions under sub-
section (a), prohibiting the opening, and imposing 
strict conditions on the maintaining, in the United 
States of a correspondent account or payable- 
through account by the digital currency exchange. 
(2) BLOCKING
OF
PROPERTY.—Blocking and 
prohibiting all transactions in all property and inter-
ests in property of the foreign person if such prop-
erty and interests in property are in the United 
States, come within the United States, or are or 
come within the possession or control of a United 
States person. 
(3) VISA BAN.—With respect to a foreign per-
son who is an alien, inadmissibility to the United 
States and ineligibility to receive a visa or other doc-
umentation to enter the United States. 
(c) EXCEPTION TO COMPLY WITH UNITED NATIONS 
HEADQUARTERS
AGREEMENT
AND
OTHER
INTER-
NATIONAL
OBLIGATIONS.—The sanctions under sub-
section (b)(3) may not be imposed on an individual if ad-
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mitting that individual to the United States is necessary 
to permit the United States to comply with the Agreement 
regarding the Headquarters of the United Nations, signed 
at Lake Success June 26, 1947, and entered into force 
November 21, 1947, between the United Nations and the 
United States, or with other applicable international obli-
gations. 
SEC. 306. REPORT ON PROGRESS OF GOVERNMENT OF 
IRAN 
IN 
CREATING 
A 
SOVEREIGN 
CRYPTOCURRENCY. 
(a) IN GENERAL.—Not later than 120 days after the 
date of the enactment of this Act, the Secretary of the 
Treasury shall submit to Congress a report on the status 
of the progress of the Government of Iran in creating a 
sovereign cryptocurrency. 
(b) ELEMENTS.—The report required by paragraph 
(1) shall include the following: 
(1) An assessment of the progress of the Gov-
ernment 
of 
Iran 
in 
creating 
a 
sovereign 
cryptocurrency. 
(2) A description of the technical details of 
what is being developed, including whether the Gov-
ernment of Iran intends to— 
(A) fork an existing blockchain or create a 
new one; 
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(B) make the blockchain open or closed; or 
(C) involve the Central Bank of Iran. 
(3) An assessment of the state and non-state 
actors that are assisting the Government of Iran in 
creating a sovereign cryptocurrency, including the 
governments of the People’s Republic of China, the 
Russian Federation, the Bolivarian Republic of Ven-
ezuela, and the Republic of Turkey. 
(4) An assessment of the effect that successful 
development, deployment, and maintenance by the 
Government of Iran of a sovereign cryptocurrency 
would have on the effectiveness of existing United 
States sanctions with respect to Iran. 
(5) An assessment of the technology and infra-
structure that the Government of Iran would need to 
develop, deploy, and maintain a national digital cur-
rency, including a cryptocurrency. 
(6) An identification of the countries that have 
agreed to assist the United States in blocking efforts 
to bypass or evade United States sanctions relating 
to Iran or bypass or evade countermeasures and risk 
mitigation practices outlined by the Financial Action 
Task Force. 
Æ 
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