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Bill117th CongressFiled Mar 31, 2022International Affairs
H.R. 7338

To require congressional notification prior to payments of Department of State rewards using cryptocurrencies, and for other purposes.

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house (Sep 20, 2022)

Russia Cryptocurrency Transparency Act

This bill requires the Department of State to notify Congress before paying out 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 also report to Congress on any cryptocurrency payments made under the rewards program, including an explanation of why a reward was made using cryptocurrency.

The bill also requires the State Department to report to Congress on the most effective avenues to provide aid to Ukraine, including possible uses of cryptocurrencies or other blockchain-related technologies. (Blockchain is a digital ledger technology that allows for transactions without a trusted intermediary, such as a bank.)

The Department of the Treasury must report to Congress an assessment of how digital currencies can affect the effectiveness and enforcement of U.S. sanctions relating to Russia's invasion of Ukraine.

What just happenedSep 21, 2022

Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

Who’s behind it

Rep. Meeks, Gregory W. [D-NY-5](D-NY)Sponsor
1 cosponsor1 R
Read on Congress.gov
1cosponsors3committees15actions1related bills24subjects
  1. Sep 21, 2022IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

    Foreign Relations Committee
  2. Sep 20, 2022FloorH38800

    The title of the measure was amended. Agreed to without objection.

  3. Sep 20, 2022FloorH37300

    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)

  4. Sep 20, 2022Floor8000

    Passed/agreed to in House: 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.

  5. Sep 20, 2022FloorH1B000

    Pursuant to the provisions of H. Res. 1361, proceedings on H.R. 7338 are considered vacated.

  6. Sep 19, 2022FloorH37220

    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.

  7. Sep 19, 2022FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 7338.

  8. Sep 19, 2022FloorH30000

    Considered under suspension of the rules. (consideration: CR H7904-7906)

  9. Sep 19, 2022FloorH30300

    Mr. Malinowski moved to suspend the rules and pass the bill, as amended.

  10. Apr 5, 2022Committee

    Ordered to be Reported (Amended) by Voice Vote.

    Foreign Affairs Committee
  11. Apr 5, 2022Committee

    Committee Consideration and Mark-up Session Held.

    Foreign Affairs Committee
  12. Mar 31, 2022IntroReferralH11100

    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.

    Financial Services Committee
  13. Mar 31, 2022IntroReferralH11100

    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.

    Foreign Affairs Committee
  14. Mar 31, 2022IntroReferralIntro-H

    Introduced in House

  15. Mar 31, 2022IntroReferral1000

    Introduced in House

Passed HouseSep 20, 202253

Russia Cryptocurrency Transparency Act

This bill requires the Department of State to notify Congress before paying out 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 also report to Congress on any cryptocurrency payments made under the rewards program, including an explanation of why a reward was made using cryptocurrency.

The bill also requires the State Department to report to Congress on the most effective avenues to provide aid to Ukraine, including possible uses of cryptocurrencies or other blockchain-related technologies. (Blockchain is a digital ledger technology that allows for transactions without a trusted intermediary, such as a bank.)

The Department of the Treasury must report to Congress an assessment of how digital currencies can affect the effectiveness and enforcement of U.S. sanctions relating to Russia's invasion of Ukraine.

Introduced in HouseMar 31, 2022

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.)

To require congressional notification prior to payments of Department of State rewards usi… — Informed