Bill > HR7338

This bill, the Russia Cryptocurrency Transparency Act, has several key provisions: 1. It requires the Secretary of State to notify Congress at least 15 days before paying out any rewards from the State Department Rewards program in cryptocurrency. This is to provide oversight and transparency on the use of cryptocurrency for government rewards programs. 2. It requires the Secretary of State to submit a report to Congress within 180 days on the use of cryptocurrency in the State Department Rewards program, including why cryptocurrency was chosen, details on past cryptocurrency payments, and an analysis of the potential impacts on the U.S. dollar and illicit financing. 3. It requires the Secretary of State, in coordination with the Treasury Secretary and USAID Administrator, to submit a report within 30 days on the potential use of cryptocurrencies and blockchain technology to provide humanitarian aid and support to Ukraine, including assessing the advantages and challenges of using digital assets compared to traditional payment methods. 4. It expresses the sense of Congress that the U.S. government must ensure the effectiveness and enforcement of sanctions against Russia by preventing the misuse of digital assets, mitigating national security risks, and maintaining technological leadership in this area. 5. It requires the Treasury Secretary, in consultation with the Secretary of State, to submit a report within 180 days on how digital currencies are being used to evade U.S. sanctions against Russia, and to recommend new legislative and regulatory measures to strengthen the government's ability to prevent sanctions evasion using digital currencies.

Government Affairs, Military Affairs and Security

https://www.congress.gov/bill/117th-congress/house-bill/7338/all-info