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 | Type | Text | Source |
|---|---|---|---|
| 2022-09-21 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Foreign Relations. | Senate |
| 2022-09-20 | Floor | The title of the measure was amended. Agreed to without objection. | House floor actions |
| 2022-09-20 | Floor | 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) | House floor actions |
| 2022-09-20 | Floor | Pursuant to the provisions of H. Res. 1361, proceedings on H.R. 7338 are considered vacated. | House floor actions |
| 2022-09-19 | Floor | 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. | House floor actions |
| 2022-09-19 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 7338. | House floor actions |
| 2022-09-19 | Floor | Considered under suspension of the rules. (consideration: CR H7904-7906) | House floor actions |
| 2022-09-19 | Floor | Mr. Malinowski moved to suspend the rules and pass the bill, as amended. | House floor actions |
| 2022-04-05 | Committee | Ordered to be Reported (Amended) by Voice Vote. | House committee actions |
| 2022-04-05 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2022-03-31 | IntroReferral | 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. | House floor actions |
| 2022-03-31 | IntroReferral | 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. | House floor actions |
| 2022-03-31 | IntroReferral | Introduced in House | Library of Congress |