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HR 7067 117th Congress House International Affairs Administrative law and regulatory procedures Banking and financial institutions regulation Business records Civil actions and liability Congressional oversight Currency Digital media Europe Fraud offenses and financial crimes Government information and archives Internet, web applications, social media Presidents and presidential powers, Vice Presidents Russia Sanctions War and emergency powers

Closing Loopholes in Russia Sanctions Act of 2022

Introduced: March 11, 2022 Introduced by: Sherman, Brad Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 11, 2022
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.
Mar 11, 2022
Introduced in House
 Plain-English summary Congressional Research Service

Closing Loopholes in Russia Sanctions Act of 2022

This bill requires and authorizes various actions relating to digital assets, such as cryptocurrencies, and sanctions relating to Russia.

Specifically, the bill (1) authorizes the President to impose sanctions on a foreign person (i.e., individual or entity) in the digital asset industry that facilitates transactions involving persons subject to U.S. sanctions relating to Russia; (2) prohibits digital asset exchanges from transacting with digital asset wallets or cryptocurrency addresses that are known to be, or could reasonably be known to be, affiliated with persons headquartered in Russia; and (3) requires U.S. taxpayers holding a certain amount of cryptocurrency in non-U.S. accounts to report such holdings to the Internal Revenue Service.

What's happening now March 11, 2022

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.

 Committees of jurisdiction 2