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H.R. 7429 117th Congress House

Russian Digital Asset Sanctions Compliance Act of 2022

Official title: To impose sanctions with respect to the use of cryptocurrency to facilitate transactions by Russian persons subject to sanctions, and for other purposes.

Introduced: April 6, 2022 Introduced by: Brad Sherman Democratic · California See on congress.gov
Finance and Financial Sector AlliancesCongressional oversightCurrencyDigital media
More subjectsShow fewer subjects
EuropeFinancial services and investmentsForeign and international bankingForeign propertyFraud offenses and financial crimesGovernment information and archivesInternet, web applications, social mediaPresidents and presidential powers, Vice PresidentsRussiaSanctionsTrade restrictionsU.S. and foreign investmentsWar and emergency powers
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 6, 2022
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.
Apr 6, 2022
Introduced in House
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 Latest action April 6, 2022

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.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • S 3867 Digital Asset Sanctions Compliance Enhancement Act of 2022
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 15
All 15 Democratic 11
D
Adams, Alma S.
North Carolina · Apr 6, 2022
Bourdeaux, Carolyn
· Apr 6, 2022
 D
Cleaver, Emanuel
Missouri · Apr 6, 2022
 D
Costa, Jim
California · Apr 6, 2022
 D
Dean, Madeleine
Pennsylvania · Apr 6, 2022
 D
Doggett, Lloyd
Texas · Apr 6, 2022
 D
Garamendi, John
California · Apr 6, 2022
 D
Green, Al
Texas · Apr 6, 2022
Lawson, Al
· Apr 6, 2022
 D
Lieu, Ted
California · Apr 6, 2022
MALONEY, CAROLYN
· Apr 6, 2022
 D
Mfume, Kweisi
Maryland · Apr 6, 2022
 D
Pappas, Chris
New Hampshire · Apr 6, 2022
 D
Vargas, Juan
California · Apr 6, 2022
Wild, Susan
· Apr 6, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 7429: Russian Digital Asset Sanctions Compliance Act of 2022. 117th Congress. Open America. https://openamerica.io/bill/117-HR-7429/
MLA
"H.R. 7429: Russian Digital Asset Sanctions Compliance Act of 2022." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-7429/.
Bluebook (legal)
H.R. 7429, 117th Cong. (2026), https://openamerica.io/bill/117-HR-7429/.
Markdown link
[H.R. 7429: Russian Digital Asset Sanctions Compliance Act of 2022](https://openamerica.io/bill/117-HR-7429/)
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