To require congressional notification prior to payments of Department of State rewards using cryptocurrencies, and for other purposes.

Bill: 117-hr-7338
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Introduced: 2022-03-31 in the House
Policy area: International Affairs
Subjects: Advanced technology and technological innovations
Competitiveness, trade promotion, trade deficits
Conflicts and wars
Congressional oversight
Criminal investigation, prosecution, interrogation
Currency
Department of State
Digital media
Economic development
Europe
Evidence and witnesses
Executive agency funding and structure
Federal officials
Foreign aid and international relief
Foreign property
Fraud offenses and financial crimes
Intelligence activities, surveillance, classified information
Internet, web applications, social media
Military operations and strategy
Refugees, asylum, displaced persons
Right of privacy
Russia
Sanctions
Ukraine

Summary:
action_date: 2022-03-31
text: 

Russia Cryptocurrency Transparency Act

 
This bill requires the Department of State to appoint a Director of Digital Currency Security and take other actions related to digital currencies.
 
The director shall be a part of the State Department's Office of Economic Sanctions Policy and Implementation and shall be responsible for issues related to digital currencies and U.S. sanctions, including assisting in the development of sanctions policies that are resilient to digital currency use by malevolent actors. 
 
The bill also requires the State Department to notify Congress before making a reward in cryptocurrency under an existing program that authorizes rewards for information leading to the arrest or conviction of parties responsible for certain criminal acts. (Current law allows such rewards to consist of money, nonmonetary items, or both.)
 
The State Department must report to Congress on any cryptocurrency payments made under the rewards program, including any justification for using cryptocurrency for such rewards. 
 
The bill also requires the State Department to report to Congress on (1) the possible uses of cryptocurrencies or other blockchain-related technologies to provide aid to Ukraine, and (2) an assessment of how digital currencies can affect the effectiveness and enforcement of U.S. sanctions relating to Russia's invasion of Ukraine. (Blockchain is a digital ledger technology that allows for transactions without a trusted intermediary, such as a bank.)

action_date: 2022-09-20
text: 

Russia Cryptocurrency Transparency Act

 
This bill requires the Department of State to notify Congress before paying out a reward in cryptocurrency under an existing program that authorizes rewards for information leading to the arrest or conviction of parties responsible for certain criminal acts. (Current law allows such rewards to consist of money, nonmonetary items, or both.) 
 
 
The State Department must also report to Congress on any cryptocurrency payments made under the rewards program, including an explanation of why a reward was made using cryptocurrency. 
 
The bill also requires the State Department to report to Congress on the most effective avenues to provide aid to Ukraine, including possible uses of cryptocurrencies or other blockchain-related technologies. (Blockchain is a digital ledger technology that allows for transactions without a trusted intermediary, such as a bank.) 
 
The Department of the Treasury must report to Congress an assessment of how digital currencies can affect the effectiveness and enforcement of U.S. sanctions relating to Russia's invasion of Ukraine. 


Legislative actions:
action_date: 2022-09-21
text: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
action_date: 2022-09-20
text: The title of the measure was amended. Agreed to without objection.
action_date: 2022-09-20
text: Pursuant to section 2 of H. Res. 1361, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1433, as amended; H.R. 4009, as amended; H.R. 4358, as amended; H.R. 6265; H.R. 6846, as amended; H.R. 7240, as amended; H.R. 7338, as amended; H.R. 8453, as amended; H.R. 8503, as amended; and H.R. 8520, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 558, as amended. (consideration: CR H7984-7992; text: CR H7986-7987)
action_date: 2022-09-20
text: Passed/agreed to in House: Pursuant to section 2 of H. Res. 1361, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1433, as amended; H.R. 4009, as amended; H.R. 4358, as amended; H.R. 6265; H.R. 6846, as amended; H.R. 7240, as amended; H.R. 7338, as amended; H.R. 8453, as amended; H.R. 8503, as amended; and H.R. 8520, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 558, as amended.
action_date: 2022-09-20
text: Pursuant to the provisions of H. Res. 1361, proceedings on H.R. 7338 are considered vacated.
action_date: 2022-09-19
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2022-09-19
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 7338.
action_date: 2022-09-19
text: Considered under suspension of the rules. (consideration: CR H7904-7906)
action_date: 2022-09-19
text: Mr. Malinowski moved to suspend the rules and pass the bill, as amended.
action_date: 2022-04-05
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2022-04-05
text: Committee Consideration and Mark-up Session Held.
action_date: 2022-03-31
text: Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, 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 committee concerned.
action_date: 2022-03-31
text: Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, 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 committee concerned.
action_date: 2022-03-31
text: Introduced in House
action_date: 2022-03-31
text: Introduced in House