H.R. 7338: Russia Cryptocurrency Transparency Act

117th Congress

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 Department of State, and for other purposes.

Sponsor: Rep. Gregory Meeks — D — NY

Requires the Department of State to appoint a Director of Digital Currency Security in its Office of Economic Sanctions Policy and Implementation. The director would review and analyze how digital currencies affect the U.S. sanctions regime and coordinate U.S. sanctions policy with the Department of the Treasury. In addition, the bill would require the Department of State to report to the Congress on its use of cryptocurrency to reward individuals who provide information about crimes or terrorist acts. It also would be required to recommend effective ways to provide economic support and humanitarian assistance to Ukraine, including through cryptocurrencies and technology incorporating blockchains. Finally, the department would be required to describe how digital currencies could affect sanctions related to Russia and its invasion of Ukraine.

View the full vote history of this bill on GovTrack.us.