Closing Loopholes in Russia Sanctions Act of 2022
Latest action · Mar 11, 2022 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.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 11, 2022
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Closing Loopholes in Russia Sanctions Act of 2022
This bill requires and authorizes various actions relating to digital assets, such as cryptocurrencies, and sanctions relating to Russia.
Specifically, the bill (1) authorizes the President to impose sanctions on a foreign person (i.e., individual or entity) in the digital asset industry that facilitates transactions involving persons subject to U.S. sanctions relating to Russia; (2) prohibits digital asset exchanges from transacting with digital asset wallets or cryptocurrency addresses that are known to be, or could reasonably be known to be, affiliated with persons headquartered in Russia; and (3) requires U.S. taxpayers holding a certain amount of cryptocurrency in non-U.S. accounts to report such holdings to the Internal Revenue Service.
Cosponsors
Members who signed on, in the order they did.
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Foreign Affairs Committee | Referred Mar 11, 2022 |
| House | Financial Services Committee | Referred Mar 11, 2022 |
Actions 2
Everything that happened, newest first.
- Mar 11, 2022Introduced in House
- Mar 11, 2022Referred 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 168, no. 44, March 11, 2022, page H3713.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IN11939 | Russia Sanctions and Cryptocurrencies: Policy Issues Archived | Insight | May 26, 2022 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To impose sanctions with respect to the use of cryptocurrency to facilitate transactions by Russian persons subject to sanctions, and for other purposes.
- Short Title(s) as Introduced
- Closing Loopholes in Russia Sanctions Act of 2022
Subjects
Assigned by the Library of Congress. Policy area: International Affairs.
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Business records
- Civil actions and liability
- Congressional oversight
- Currency
- Digital media
- Europe
- Fraud offenses and financial crimes
- Government information and archives
- International Affairs
- Internet, web applications, social media
- Presidents and presidential powers, Vice Presidents
- Russia
- Sanctions
- War and emergency powers
Text 1
Each version as it was printed, newest first.
- Mar 11, 2022Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
