I 
117TH CONGRESS 
2D SESSION 
H. R. 7429 
To impose sanctions with respect to the use of cryptocurrency to facilitate 
transactions by Russian persons subject to sanctions, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 6, 2022 
Mr. SHERMAN (for himself, Mr. GREEN of Texas, Ms. DEAN, Ms. ADAMS, Ms. 
BOURDEAUX, Mr. LAWSON of Florida, Mr. CLEAVER, Mr. COSTA, Mr. 
DOGGETT, Mr. GARAMENDI, Mr. LIEU, Mrs. CAROLYN B. MALONEY of 
New York, Mr. MFUME, Mr. PAPPAS, Mr. VARGAS, and Ms. WILD) intro-
duced the following bill; which was referred to the Committee on Finan-
cial 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 com-
mittee concerned 
A BILL 
To 
impose 
sanctions 
with 
respect 
to 
the 
use 
of 
cryptocurrency to facilitate transactions by Russian per-
sons subject to sanctions, 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 ‘‘Russian Digital Asset 
Sanctions Compliance Act of 2022’’. 
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SEC. 2. DEFINITIONS. 
In this Act: 
(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES
AND
LEADERSHIP.—The term ‘‘appropriate 
congressional committees and leadership’’ means— 
(A) the Committee on Banking, Housing, 
and Urban Affairs, the Committee on Foreign 
Relations, and the majority and minority lead-
ers of the Senate; and 
(B) the Committee on Financial Services, 
the Committee on Foreign Affairs, and the 
speaker, the majority leader, and the minority 
leader of the House of Representatives. 
(2) DIGITAL
ASSETS.—The term ‘‘digital as-
sets’’ means any digital representation of value, fi-
nancial assets and instruments, or claims that are 
used to make payments or investments, or to trans-
mit or exchange funds or the equivalent thereof, that 
are issued or represented in digital form through the 
use of distributed ledger technology. 
(3) DIGITAL ASSET TRADING PLATFORM.—The 
term ‘‘digital asset trading platform’’ means a per-
son, or group of persons, that operates as an ex-
change or other trading facility for the purchase, 
sale, lending, or borrowing of digital assets. 
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(4) 
DIGITAL
ASSET
TRANSACTION 
FACILITATOR.—The term ‘‘digital asset transaction 
facilitator’’ means— 
(A) any person, or group of persons, that 
significantly and materially facilitates the pur-
chase, sale, lending, borrowing, exchange, cus-
tody, holding, validation, or creation of digital 
assets on the account of others, including any 
communication protocol, decentralized finance 
technology, smart contract, or other software, 
including open-source computer code— 
(i) deployed through the use of dis-
tributed ledger or any similar technology; 
and 
(ii) that provides a mechanism for 
multiple users to purchase, sell, lend, bor-
row, or trade digital assets; and 
(B) any person, or group of persons, that 
the Secretary of the Treasury otherwise deter-
mines to be significantly and materially facili-
tating digital assets transactions in violation of 
sanctions. 
(5) FOREIGN PERSON.—The term ‘‘foreign per-
son’’ means an individual or entity that is not a 
United States person. 
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(6) 
UNITED
STATES
PERSON.—The 
term 
‘‘United States person’’ means— 
(A) an individual who is a United States 
citizen or an alien lawfully admitted for perma-
nent residence to the United States; or 
(B) an entity organized under the laws of 
the United States or any jurisdiction within the 
United States, including a foreign branch of 
such an entity. 
SEC. 3. IMPOSITION OF SANCTIONS WITH RESPECT TO THE 
USE OF DIGITAL ASSETS TO FACILITATE 
TRANSACTIONS BY RUSSIAN PERSONS SUB-
JECT TO SANCTIONS. 
(a) REPORT REQUIRED.—Not later than 90 days 
after the date of the enactment of this Act, and periodi-
cally thereafter as necessary, the President shall submit 
to Congress a report identifying any foreign person that— 
(1) operates a digital asset trading platform or 
is a digital asset transaction facilitator; and 
(2)(A) has significantly and materially assisted, 
sponsored, or provided financial, material, or techno-
logical support for, or goods or services to or in sup-
port of any person with respect to which sanctions 
have been imposed by the United States relating to 
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the Russian Federation, including by facilitating 
transactions that evade such sanctions; or 
(B) is owned or controlled by, or acting or pur-
porting to act for or on behalf of any person with 
respect to which sanctions have been imposed by the 
United States relating to the Russian Federation. 
(b) IMPOSITION OF SANCTIONS.—The President may 
exercise all of the powers granted to the President under 
the International Emergency Economic Powers Act (50 
U.S.C. 1701 et seq.) to the extent necessary to block and 
prohibit all transactions in property and interests in prop-
erty of a foreign person identified in a report submitted 
under subsection (a) if such property 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. 
(c) IMPLEMENTATION; PENALTIES.— 
(1) IMPLEMENTATION.—The President may ex-
ercise all authorities provided under sections 203 
and 205 of the International Emergency Economic 
Powers Act (50 U.S.C. 1702 and 1704) to carry out 
this section. 
(2) PENALTIES.—A person that violates, at-
tempts to violate, conspires to violate, or causes a 
violation of this section or any regulation, license, or 
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order issued to carry out this section shall be subject 
to the penalties set forth in subsections (b) and (c) 
of section 206 of the International Emergency Eco-
nomic Powers Act (50 U.S.C. 1705) to the same ex-
tent as a person that commits an unlawful act de-
scribed in subsection (a) of that section. 
(d) NATIONAL SECURITY WAIVER.—The President 
may waive the imposition of sanctions under this section 
with respect to a person if the President— 
(1) determines that such a waiver is in the na-
tional security interests of the United States; and 
(2) submits to Congress a notification of the 
waiver and the reasons for the waiver. 
(e) EXCEPTIONS.— 
(1) EXCEPTION
FOR
INTELLIGENCE
ACTIVI-
TIES.—This section shall not apply with respect to 
activities subject to the reporting requirements 
under title V of the National Security Act of 1947 
(50 U.S.C. 3091 et seq.) or any authorized intel-
ligence activities of the United States. 
(2) EXCEPTION RELATING TO IMPORTATION OF 
GOODS.— 
(A) IN GENERAL.—The authority to block 
and prohibit all transactions in all property and 
interests in property under subsection (b) shall 
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not include the authority or a requirement to 
impose sanctions on the importation of goods. 
(B) GOOD.—In this paragraph, the term 
‘‘good’’ means any article, natural or manmade 
substance, material, supply or manufactured 
product, including inspection and test equip-
ment, and excluding technical data. 
SEC. 4. DISCRETIONARY PROHIBITION OF TRANSACTIONS. 
The Secretary of the Treasury may require that no 
digital asset trading platform or digital asset transaction 
facilitator that does business in the United States transact 
with, or fulfill transactions of, digital asset addresses that 
are known to be, or could reasonably be known to be, af-
filiated with persons headquartered or domiciled in the 
Russian Federation if the Secretary— 
(1) determines that exercising such authority is 
important to the national interest of the United 
States; and 
(2) not later than 90 days after exercising the 
authority described in paragraph (1), submits to the 
appropriate congressional committees and leadership 
a report on the basis for any determination under 
that paragraph. 
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SEC. 5. TRANSACTION REPORTING. 
Not later than 120 days after the date of enactment 
of this Act, the Financial Crimes Enforcement Network 
shall require United States persons engaged in a trans-
action with a value greater than $10,000 in digital assets 
through 1 or more accounts outside of the United States 
to file a report described in section 1010.350 of title 31, 
Code of Federal Regulations, using the form described in 
that section, in accordance with section 5314 of title 31, 
United States Code. 
SEC. 6. REPORTS. 
(a) IN GENERAL.—Not later than 120 days after the 
date of enactment of this Act, the Secretary of the Treas-
ury shall submit to the appropriate congressional commit-
tees and leadership a report on the progress of the Depart-
ment of the Treasury in carrying out this Act, including 
any resources needed by the Department to improve im-
plementation and progress in coordinating with govern-
ments of countries that are allies or partners of the United 
States. 
(b) OTHER REPORTS.—Not later than 120 days after 
the date of enactment of this Act, and every year there-
after, the Secretary of the Treasury shall submit to the 
appropriate congressional committees and leadership and 
make publicly available a report identifying the digital 
asset trading platforms that the Office of Foreign Assets 
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Control of the Department of the Treasury determines to 
be high risk for sanctions evasion, money laundering, or 
other illicit activities. Any exchange included in the report 
may petition the Office of Foreign Assets Control for re-
moval, which shall be granted upon demonstrating that 
the exchange is taking steps sufficient to comply with ap-
plicable United States law. 
Æ 
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