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Main Subject: International Affairs

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.)

Senate Actions

IntroReferral
Sep. 21 2022	Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

House floor actions Actions

Floor

Sep. 20
2022

The title of the measure was amended. Agreed to without objection.
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)
Pursuant to the provisions of H. Res. 1361, proceedings on H.R. 7338 are considered vacated.

Sep. 19
2022

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.
DEBATE - The House proceeded with forty minutes of debate on H.R. 7338.
Considered under suspension of the rules. (consideration: CR H7904-7906)
Mr. Malinowski moved to suspend the rules and pass the bill, as amended.

IntroReferral

Mar. 31
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.
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.

Library of Congress Actions

Floor

Sep. 20
2022

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.

IntroReferral
Mar. 31 2022	Introduced in House Introduced in House

House committee actions Actions

Committee
Apr. 05 2022	Ordered to be Reported (Amended) by Voice Vote. Committee Consideration and Mark-up Session Held.

House bill HR7338-117

To require congressional notification prior to payments of Department of State rewards using cryptocurrencies, authorize the appointment of a Director of Digital Currency Security in the Office of Economic Sanctions Policy and Implementation of the Depart

House bill HR7338-117

To require congressional notification prior to payments of Department of State rewards using cryptocurrencies, authorize the appointment of a Director of Digital Currency Security in the Office of Economic Sanctions Policy and Implementation of the Depart

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