Russian Digital Asset Sanctions Compliance Act of 2022
Latest action · Apr 6, 2022 Referred to the Committee on Financial 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 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.
- IntroducedApr 6, 2022
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Russian Digital Asset Sanctions Compliance Act of 2022
This bill allows additional sanctions against Russia and creates specified reporting requirements regarding digital assets.
Specifically, the President must periodically identify foreign persons who facilitate evasion of Russian sanctions using digital assets. The bill authorizes sanctions against such persons.
The bill requires a U.S. taxpayer engaged in offshore digital asset transactions greater than $10,000 to file an annual Report of Foreign Bank and Financial Accounts with the Financial Crimes Enforcement Network.
The bill allows the Department of the Treasury to prohibit U.S. digital asset trading platforms and transaction facilitators from transacting with Russian digital asset addresses. Additionally, Treasury must report on its progress in implementing the bill and must annually identify foreign digital asset trading platforms that are a high risk for sanctions evasion, money laundering, and other illicit activities.
Cosponsors 15
Members who signed on, in the order they did. All signed on Apr 6, 2022.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Al Green | Original | Apr 6, 2022 |
| D-FL | Al Lawson, Jr. | Original | Apr 6, 2022 |
| D-NC | Alma S. Adams | Original | Apr 6, 2022 |
| D-NY | Carolyn B. Maloney | Original | Apr 6, 2022 |
| D-GA | Carolyn Bourdeaux | Original | Apr 6, 2022 |
| D-NH | Chris Pappas | Original | Apr 6, 2022 |
| D-MO | Emanuel Cleaver | Original | Apr 6, 2022 |
| D-CA | Jim Costa | Original | Apr 6, 2022 |
| D-CA | John Garamendi | Original | Apr 6, 2022 |
| D-CA | Juan Vargas | Original | Apr 6, 2022 |
| D-MD | Kweisi Mfume | Original | Apr 6, 2022 |
| D-TX | Lloyd Doggett | Original | Apr 6, 2022 |
| D-PA | Madeleine Dean | Original | Apr 6, 2022 |
| D-PA | Susan Wild | Original | Apr 6, 2022 |
| D-CA | Ted Lieu | Original | Apr 6, 2022 |
Actions 2
Everything that happened, newest first.
- Apr 6, 2022Introduced in House
- Apr 6, 2022Referred to the Committee on Financial 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 committee concerned.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3867 | Digital Asset Sanctions Compliance Enhancement Act of 2022 | Related bill | Sep 20, 2022 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Alliances
- Congressional oversight
- Currency
- Digital media
- Europe
- Finance and Financial Sector
- Financial services and investments
- Foreign and international banking
- Foreign property
- Fraud offenses and financial crimes
- Government information and archives
- Internet, web applications, social media
- Presidents and presidential powers, Vice Presidents
- Russia
- Sanctions
- Trade restrictions
- U.S. and foreign investments
- War and emergency powers
Text 1
Each version as it was printed, newest first.
- Apr 6, 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.