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

Bill: 117-hr-7338
Sponsor: full_name: Rep. Meeks, Gregory W. [D-NY-5]
Introduced: 2022-03-31
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
Latest action: action_date: 2022-09-21
text: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

Summaries:
action_date: 2022-03-31
action_desc: Introduced in House
text: <p><strong>Russia Cryptocurrency Transparency Act</strong></p> <p>This bill requires the Department of State to appoint a Director of Digital Currency Security and take other actions related to digital currencies.</p> <p>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. </p> <p>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.)</p> <p>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. </p> <p>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.)</p>

action_date: 2022-09-20
action_desc: Passed House
text: <p><strong>Russia Cryptocurrency Transparency Act</strong></p> <p>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.) </p> <p> <p>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. </p> <p>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.) </p> <p>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. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7338 IN THE HOUSE OF REPRESENTATIVES March 31, 2022 Mr. Meeks (for himself and Mr. McCaul ) introduced the following bill; which was 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 A BILL To require congressional notification prior to payments of Department of State rewards using cryptocurrencies, authorize the appointment of a Director of Digital Currency Security in the Office of Economic Sanctions Policy and Implementation of the Department of State, and for other purposes.

1. Short title This Act may be cited as the Russia Cryptocurrency Transparency Act . 2. Findings Congress finds the following: (1) On February 24, 2022, the Government of the Russian Federation, led by Vladimir Putin, launched an unprovoked, full-scale invasion of Ukraine. (2) This unprovoked act of aggression violates Ukraine’s right to independence, sovereignty, and territorial integrity, and constitutes an emergency in international relations. (3) The invasion by the Government of the Russian Federation of Ukraine caused significant displacement in Ukraine and triggered a broader humanitarian crisis in Europe. (4) On March 23, 2022, the Department of State released a statement assessing that the Russian Armed Forces committed war crimes by launching indiscriminate attacks on civilians and non-military infrastructure, including apartment buildings, schools, and hospitals, leaving thousands of innocent civilians killed or wounded. (5) The United Nations Office for Coordination of Humanitarian Affairs has projected that, over the next three months, 12,000,000 people living in Ukraine will need humanitarian assistance, 6,700,000 people will be internally displaced, and 4,000,000 people will flee Ukraine. (6) Rapid humanitarian assistance is necessary across sectors to address the needs of refugees and internally displaced persons from Ukraine. (7) Cryptocurrency has been used as an effective cross-border payment tool to send millions to the Ukrainian Government, Ukrainian army, and Ukrainian refugees with limited access to financial services. (8) In response to the war of aggression by the Government of the Russian Federation, the United States has imposed an array of sanctions, cutting off major Russian financial institutions from Western markets and freezing the assets of numerous Russian oligarchs. (9) Given the growing development and adoption of blockchain technologies and digital currencies, there are increasing concerns that digital assets, such as cryptocurrencies, may be used to circumvent the United States sanctions regime, as well as those of foreign countries. 3. Congressional notification for rewards paid using cryptocurrencies (a) In general Section 36(e)(6) of the State Department Basic Authorities Act of 1956 ( 22 U.S.C. 2708(e)(6) ) is amended by adding at the end the following new sentence: Not later than 15 days before making a reward in a form that includes cryptocurrency, the Secretary of State shall notify the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate of such form for the reward. (b) Report Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall submit to the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate a report on the use of cryptocurrency as a part of the Department of State Rewards program established under section 36(a) of the State Department Basic Authorities Act of 1956 ( 22 U.S.C. 2708(a) ) that— (1) justifies any determination of the Secretary to make rewards under such program in a form that includes cryptocurrency; (2) lists each cryptocurrency payment made under such program as of the date of the submission of the report; (3) provides evidence of the manner and extent to which cryptocurrency payments would be more likely to induce whistleblowers to come forward with information than rewards paid out in United States dollars or other forms of money or nonmonetary items; and (4) examines whether the Department’s use of cryptocurrency could provide bad actors with additional hard-to-trace funds that could be used for criminal or illicit purposes. 4. Authorization for director of digital currency security (a) Appointment Not later than 90 days after the date of the enactment of this Act, the Secretary of State shall appoint a Director of Digital Currency Security in the Office of Economic Sanctions Policy and Implementation. (b) Duties The Director appointed pursuant to subsection (a) shall be responsible for the following: (1) Reviewing and analyzing the manner and extent to which digital currencies are impacting the United States sanctions regime. (2) Assisting in the development of sanctions policy and implementation that is resilient to the use of digital currencies by malevolent actors. (3) Coordinating with the Office of Foreign Assets Control and the Financial Crime Enforcement Network of the Department of the Treasury, as appropriate, to share information and develop best practices. (4) Engaging with private sector actors to broaden understanding of the digital currency ecosystem, further comprehend economic costs and benefits, and encourage coordination and partnership in isolating bad actors. 5. Report on blockchain technology usage to address Ukranian humanitarian needs Not later than 30 days after the date of the enactment of this Act, the Secretary of State, in coordination with the Secretary of the Treasury and the Administrator of the United States Agency for International Development, shall submit to the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate an unclassified report on the possible uses of cryptocurrencies or other technologies incorporating blockchains to promote economic development and provide humanitarian aid to Ukraine. Such report shall also review and analyze ways in which technologies incorporating blockchains can— (1) assist in the care, support, or resettlement of refugees and internally displaced persons from Ukraine; (2) address humanitarian access challenges and ensure the effective delivery of such assistance to persons from Ukraine; (3) increase efficiency, accountability, and transparency in the administration of humanitarian aid provided by the United States to persons from Ukraine; (4) prevent corruption through the use of web3 technologies; (5) improve access to capital; and (6) bolster the efficiency and reliability of cross-border remittances. 6. Report on the effectiveness and enforcement of sanctions (a) Sense of congress It is the sense of Congress as follows: (1) On March 9, 2022, President Biden issued an Executive order outlining a national policy to mitigate the risks, and harness the potential benefits of, digital assets and distributed ledger technology. (2) The growing development and adoption of digital assets have created an urgent need for the United States to play a leading role in the global financial system and facilitate technological innovation. (3) These developments have had significant implications that pose risks to the financial stability and national security interest of the United States, including issues relating to privacy and surveillance. (4) The United States Government must— (A) ensure the efficacy and enforcement of the United States sanctions regime by preventing the misuse of digital assets, which can facilitate transactions by Russian persons subject to sanctions; (B) mitigate national security liabilities and systemic financial risks posed by the misuse of digital assets by developing policy recommendations and addressing existing regulatory gaps; and (C) maintain technological leadership to promote U.S. global competitiveness and play a leading role in the global governance of digital assets. (b) Report (1) In general Not later than 30 days after the date of the enactment of this Act, the Secretary of State, in consultation with the Secretary of the Treasury, shall submit to the appropriate congressional committees a report assessing the manner and extent to which digital currencies can affect the effectiveness and enforcement of United States sanctions against the Russian Federation and against actors subject to sanctions relating to the Russian Federation’s invasion of Ukraine. (2) Matters to be included The report required by paragraph (1) shall— (A) describe any efforts by the Russian Federation or persons subject to sanctions related to the Russian Federation’s invasion of Ukraine to use digital assets to evade the sanctions regime of the United States or its international allies and partners; (B) describe any efforts by persons subject to sanctions related to the Russian Federation’s invasion of Ukraine to use decentralized finance technology or other similar technology to effect transactions, including digital wallets, digital asset trading platforms, and digital asset exchanges; (C) assess how the use or adoption of digital currencies could undermine the national security interests of the United States and impact the efficacy and enforcement of sanctions and anti-money laundering provisions; (D) detail actions taken by the United States to work with private sector actors to combat the evasion of sanctions imposed by the United States; and (E) include recommendations for new legislative and regulatory measures needed to strengthen the ability of the United States to prevent states, state-sponsored actors, and non-state-sponsored actors from using digital currencies to evade sanctions imposed by the United States. (3) Appropriate congressional committees In this subsection, the term appropriate congressional committees means— (A) the Committee on Foreign Affairs of the House of Representatives; (B) the Committee on Financial Services of the House of Representatives; (C) the Committee on Foreign Relations of the Senate; and (D) the Committee on Banking, Housing, and Urban Affairs of the Senate. (4) Form The report required by paragraph (1) shall be submitted in unclassified form but may include a classified annex.

tv_txt: I 117th CONGRESS 2d Session H. R. 7338 IN THE HOUSE OF REPRESENTATIVES AN ACT To require congressional notification prior to payments of Department of State rewards using cryptocurrencies, and for other purposes.

1. Short title This Act may be cited as the Russia Cryptocurrency Transparency Act . 2. Findings Congress finds the following: (1) On February 24, 2022, the Government of the Russian Federation, led by Vladimir Putin, launched an unprovoked, full-scale invasion of Ukraine. (2) This unprovoked act of aggression violates Ukraine’s right to independence, sovereignty, and territorial integrity, and constitutes an emergency in international relations. (3) The invasion by the Government of the Russian Federation of Ukraine caused significant displacement in Ukraine and triggered a broader humanitarian crisis in Europe. (4) On March 23, 2022, the Department of State released a statement assessing that the Russian Armed Forces committed war crimes by launching indiscriminate attacks on civilians and non-military infrastructure, including apartment buildings, schools, and hospitals, leaving thousands of innocent civilians killed or wounded. (5) The United Nations Office for Coordination of Humanitarian Affairs has projected that, over the next three months, 12,000,000 people living in Ukraine will need humanitarian assistance, 6,700,000 people will be internally displaced, and 4,000,000 people will flee Ukraine. (6) Rapid humanitarian assistance is necessary 6 across sectors to address the needs of refugees and internally displaced persons from Ukraine. (7) Cryptocurrency has been used as an effective cross-border payment tool to send millions to the Ukrainian Government, Ukrainian army, and Ukrainian refugees with limited access to financial services. (8) In response to the war of aggression by the Government of the Russian Federation, the United States has imposed an array of sanctions, cutting off major Russian financial institutions from Western markets and freezing the assets of numerous Russian oligarchs. (9) Given that regimes sanctioned by the United States have used cryptocurrencies to evade sanctions, there are increasing concerns that these digital assets may be used to circumvent the sanctions now imposed on Russia and Belarus by the United States and other foreign countries. 3. Congressional notifications for State Department cryptocurrency rewards (a) Congressional notification Subsection (e) of section 36 of the State Department Basic Authorities Act of 1956 ( 22 U.S.C. 2708 ) is amended by adding at the end the following new paragraph: (7) The Secretary of State shall notify the appropriate congressional committees not later than 15 days before paying out a reward in cryptocurrency. . (b) Report Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall submit to the appropriate congressional committees a report on the use of cryptocurrency as a part of the Department of State Rewards program that— (1) explains why the Department of State made the determination to pay out rewards in cryptocurrency; (2) lists each cryptocurrency payment already provided by the State Department; (3) provides evidence as to why cryptocurrency payments would be more likely to induce whistleblowers to come forward with information than rewards paid out in United States dollars or other prizes; (4) analyzes how the State Department’s use of cryptocurrency could undermine the dollar’s status as the global reserve currency; and (5) examines if the State Department’s use of cryptocurrency could provide bad actors with additional hard-to-trace funds that could be used for criminal or illicit purposes. (c) Appropriate Committees of Congress Defined In this section, the term appropriate committees of Congress means— (1) the Committee on Foreign Affairs of the House of Representatives; (2) the Committee on Foreign Relations of the Senate. 4. Report on blockchain usage for Ukranian humanitarian needs (a) In General Not later than 30 days after the date of the enactment of this Act, the Secretary of State, in coordination with the Secretary of the Treasury and the Administrator of the United States Agency for International Development, shall submit to the appropriate congressional committees a report on the most effective avenues to promote economic development and provide humanitarian aid to Ukraine, including possible uses of cryptocurrencies or other technologies incorporating blockchains. Such report shall— (1) review and analyze the advantages offered by cross-border transactions involving digital assets relative to other traditional avenues for cross-border humanitarian relief payments and the reasons for those advantages, including structural barriers which may impact the cost, efficiency, and reliability of traditional payment channels; and (2) also review and analyze ways in which technologies incorporating blockchains can— (A) assist in the care, support, or resettlement of refugees and internally displaced persons from Ukraine; (B) address humanitarian access challenges and ensure the effective delivery of such assistance to persons from Ukraine; (C) increase efficiency, accountability, and transparency in the administration of humanitarian aid provided by the United States to persons from Ukraine; (D) prevent corruption through the use of web3 technologies; (E) improve access to capital; and (F) bolster the efficiency and reliability of cross-border remittances. (b) Form The report required under subsection (a) shall be submitted in unclassified form and may include a classified annex. (c) Appropriate congressional committees defined In this section, the term appropriate congressional committees means— (1) the Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives; and (2) the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate. 5. Effectiveness and enforcement of sanctions (a) Sense of Congress It is the sense of Congress that— (1) on March 9, 2022, President Biden issued an Executive Order outlining a national policy to mitigate the risks, and harness the potential benefits of, digital assets and distributed ledger technology; (2) the growing development and adoption of digital assets have created an urgent need for the United States to play a leading role in the global financial system and facilitate technological innovation; (3) these developments have had significant implications that pose risks to the financial stability and national security interest of the United States, including issues relating to privacy and surveillance; (1) the United States Government must— (A) ensure the efficacy and enforcement of the United States’ sanctions regime by preventing the misuse of digital assets, which can facilitate transactions by Russian persons subject to sanctions; (B) mitigate national security liabilities and systemic financial risks posed by the misuse of digital assets by developing policy recommendations and addressing existing regulatory gaps; and (C) maintain technological leadership to promote United States global competitiveness and play a leading role in the global governance of digital assets. (b) Report (1) In general Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Secretary of State, shall submit a report to the appropriate congressional committees that provides an assessment on how digital currencies affect the effectiveness and enforcement of United States sanctions against the Russian Federation and actors subject to sanctions related to the Russian Federation’s invasion of Ukraine. (2) Matters to be included The report under paragraph (1) shall— (A) describe any efforts by the Russian Federation or persons subject to sanctions related to the Russian Federation’s invasion of Ukraine to utilize digital assets to evade the sanctions regimes of the United States and its international allies and partners; (B) describe any efforts by persons subject to sanctions related to the Russian Federation’s invasion of Ukraine to use decentralized finance technology or other similar technology to effect transactions, including digital wallets, digital asset trading platforms, and digital asset exchanges; (C) assess how the use or adoption of digital currencies could undermine the national security interests of the United States and impact the efficacy and enforcement of sanctions, , and the enforcement of anti-money laundering provisions; (D) detail actions taken by the United States government to work with private sector actors to combat the evasion of sanctions imposed by the United States; and (E) include recommendations for new legislative and regulatory measures needed to strengthen the United States Government’s ability to prevent any states, state-sponsored actors, and non-state-sponsored actors from using digital currencies to evade sanctions imposed by the United States Government. (c) Appropriate committees of congress defined In this section, the term appropriate committees of Congress means— (1) the Committee on Foreign Affairs of the House of Representatives; (2) the Committee on Financial Services of the House of Representatives; (3) the Committee on Foreign Relations of the Senate; and (4) the Committee on Banking, Housing, and Urban Affairs of the Senate. (d) Report Form The report required under subsection (b) shall be submitted in unclassified form with a classified annex, if necessary.

Passed the House of Representatives September 20, 2022. Cheryl L. Johnson, Clerk.

tv_txt: IIB 117th CONGRESS 2d Session H. R. 7338 IN THE SENATE OF THE UNITED STATES September 21, 2022 Received; read twice and referred to the Committee on Foreign Relations AN ACT To require congressional notification prior to payments of Department of State rewards using cryptocurrencies, and for other purposes.

1. Short title This Act may be cited as the Russia Cryptocurrency Transparency Act . 2. Findings Congress finds the following: (1) On February 24, 2022, the Government of the Russian Federation, led by Vladimir Putin, launched an unprovoked, full-scale invasion of Ukraine. (2) This unprovoked act of aggression violates Ukraine’s right to independence, sovereignty, and territorial integrity, and constitutes an emergency in international relations. (3) The invasion by the Government of the Russian Federation of Ukraine caused significant displacement in Ukraine and triggered a broader humanitarian crisis in Europe. (4) On March 23, 2022, the Department of State released a statement assessing that the Russian Armed Forces committed war crimes by launching indiscriminate attacks on civilians and non-military infrastructure, including apartment buildings, schools, and hospitals, leaving thousands of innocent civilians killed or wounded. (5) The United Nations Office for Coordination of Humanitarian Affairs has projected that, over the next three months, 12,000,000 people living in Ukraine will need humanitarian assistance, 6,700,000 people will be internally displaced, and 4,000,000 people will flee Ukraine. (6) Rapid humanitarian assistance is necessary 6 across sectors to address the needs of refugees and internally displaced persons from Ukraine. (7) Cryptocurrency has been used as an effective cross-border payment tool to send millions to the Ukrainian Government, Ukrainian army, and Ukrainian refugees with limited access to financial services. (8) In response to the war of aggression by the Government of the Russian Federation, the United States has imposed an array of sanctions, cutting off major Russian financial institutions from Western markets and freezing the assets of numerous Russian oligarchs. (9) Given that regimes sanctioned by the United States have used cryptocurrencies to evade sanctions, there are increasing concerns that these digital assets may be used to circumvent the sanctions now imposed on Russia and Belarus by the United States and other foreign countries. 3. Congressional notifications for State Department cryptocurrency rewards (a) Congressional notification Subsection (e) of section 36 of the State Department Basic Authorities Act of 1956 ( 22 U.S.C. 2708 ) is amended by adding at the end the following new paragraph: (7) The Secretary of State shall notify the appropriate congressional committees not later than 15 days before paying out a reward in cryptocurrency. . (b) Report Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall submit to the appropriate congressional committees a report on the use of cryptocurrency as a part of the Department of State Rewards program that— (1) explains why the Department of State made the determination to pay out rewards in cryptocurrency; (2) lists each cryptocurrency payment already provided by the State Department; (3) provides evidence as to why cryptocurrency payments would be more likely to induce whistleblowers to come forward with information than rewards paid out in United States dollars or other prizes; (4) analyzes how the State Department’s use of cryptocurrency could undermine the dollar’s status as the global reserve currency; and (5) examines if the State Department’s use of cryptocurrency could provide bad actors with additional hard-to-trace funds that could be used for criminal or illicit purposes. (c) Appropriate Committees of Congress Defined In this section, the term appropriate committees of Congress means— (1) the Committee on Foreign Affairs of the House of Representatives; (2) the Committee on Foreign Relations of the Senate. 4. Report on blockchain usage for Ukranian humanitarian needs (a) In General Not later than 30 days after the date of the enactment of this Act, the Secretary of State, in coordination with the Secretary of the Treasury and the Administrator of the United States Agency for International Development, shall submit to the appropriate congressional committees a report on the most effective avenues to promote economic development and provide humanitarian aid to Ukraine, including possible uses of cryptocurrencies or other technologies incorporating blockchains. Such report shall— (1) review and analyze the advantages offered by cross-border transactions involving digital assets relative to other traditional avenues for cross-border humanitarian relief payments and the reasons for those advantages, including structural barriers which may impact the cost, efficiency, and reliability of traditional payment channels; and (2) also review and analyze ways in which technologies incorporating blockchains can— (A) assist in the care, support, or resettlement of refugees and internally displaced persons from Ukraine; (B) address humanitarian access challenges and ensure the effective delivery of such assistance to persons from Ukraine; (C) increase efficiency, accountability, and transparency in the administration of humanitarian aid provided by the United States to persons from Ukraine; (D) prevent corruption through the use of web3 technologies; (E) improve access to capital; and (F) bolster the efficiency and reliability of cross-border remittances. (b) Form The report required under subsection (a) shall be submitted in unclassified form and may include a classified annex. (c) Appropriate congressional committees defined In this section, the term appropriate congressional committees means— (1) the Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives; and (2) the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate. 5. Effectiveness and enforcement of sanctions (a) Sense of Congress It is the sense of Congress that— (1) on March 9, 2022, President Biden issued an Executive Order outlining a national policy to mitigate the risks, and harness the potential benefits of, digital assets and distributed ledger technology; (2) the growing development and adoption of digital assets have created an urgent need for the United States to play a leading role in the global financial system and facilitate technological innovation; (3) these developments have had significant implications that pose risks to the financial stability and national security interest of the United States, including issues relating to privacy and surveillance; (1) the United States Government must— (A) ensure the efficacy and enforcement of the United States’ sanctions regime by preventing the misuse of digital assets, which can facilitate transactions by Russian persons subject to sanctions; (B) mitigate national security liabilities and systemic financial risks posed by the misuse of digital assets by developing policy recommendations and addressing existing regulatory gaps; and (C) maintain technological leadership to promote United States global competitiveness and play a leading role in the global governance of digital assets. (b) Report (1) In general Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Secretary of State, shall submit a report to the appropriate congressional committees that provides an assessment on how digital currencies affect the effectiveness and enforcement of United States sanctions against the Russian Federation and actors subject to sanctions related to the Russian Federation’s invasion of Ukraine. (2) Matters to be included The report under paragraph (1) shall— (A) describe any efforts by the Russian Federation or persons subject to sanctions related to the Russian Federation’s invasion of Ukraine to utilize digital assets to evade the sanctions regimes of the United States and its international allies and partners; (B) describe any efforts by persons subject to sanctions related to the Russian Federation’s invasion of Ukraine to use decentralized finance technology or other similar technology to effect transactions, including digital wallets, digital asset trading platforms, and digital asset exchanges; (C) assess how the use or adoption of digital currencies could undermine the national security interests of the United States and impact the efficacy and enforcement of sanctions, , and the enforcement of anti-money laundering provisions; (D) detail actions taken by the United States government to work with private sector actors to combat the evasion of sanctions imposed by the United States; and (E) include recommendations for new legislative and regulatory measures needed to strengthen the United States Government’s ability to prevent any states, state-sponsored actors, and non-state-sponsored actors from using digital currencies to evade sanctions imposed by the United States Government. (c) Appropriate committees of congress defined In this section, the term appropriate committees of Congress means— (1) the Committee on Foreign Affairs of the House of Representatives; (2) the Committee on Financial Services of the House of Representatives; (3) the Committee on Foreign Relations of the Senate; and (4) the Committee on Banking, Housing, and Urban Affairs of the Senate. (d) Report Form The report required under subsection (b) shall be submitted in unclassified form with a classified annex, if necessary.

Passed the House of Representatives September 20, 2022. Cheryl L. Johnson, Clerk Kevin F. McCumber, Deputy Clerk