Digital Asset Sanctions Compliance Enhancement Act of 2022
Bill journey · stage 1 of 5
Just introduced
What it doesSummary introduced in senate (Mar 17, 2022)
Digital Asset Sanctions Compliance Enhancement 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.
What just happenedSep 20, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Who’s behind it
- Introduced in SenateMar 17, 2022
- Sep 20, 2022Committee
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Banking, Housing, and Urban Affairs Committee - Mar 17, 2022IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Mar 17, 2022IntroReferral10000
Introduced in Senate