S 3867 117th Congress Senate Finance and Financial Sector Alliances Congressional oversight Currency Digital media Europe Financial services and investments Foreign and international banking Foreign property Fraud offenses and financial crimes Government information and archives Internet, web applications, social media Presidents and presidential powers, Vice Presidents Russia Sanctions Trade restrictions U.S. and foreign investments War and emergency powers

Digital Asset Sanctions Compliance Enhancement Act of 2022

Introduced: March 17, 2022 Introduced by: Warren, Elizabeth Democratic · Massachusetts See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 20, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-749.

Mar 17, 2022

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Mar 17, 2022

Introduced in Senate

Plain-English summary Congressional Research Service

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's happening now September 20, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-749.

Committees of jurisdiction 1