HR 7429 United States House · 117th Congress

Russian Digital Asset Sanctions Compliance Act of 2022

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.
Bill status in committee 1 of 4 stages cleared
Introduction
Apr 2022
Committee Review
Floor Vote
President
Introduced Apr 6, 2022 Last action Apr 6, 2022
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Full legislative history

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Total actions
2
Key actions
0
Committee
1
Apr 6, 2022
Committee
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.
lower
Apr 6, 2022
Introduced
Introduced in House
lower
1 primary · 15 co-sponsors

Sponsors