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New Crypto Rules: Closing Sanctions Loopholes for Russia

This act aims to prevent the circumvention of sanctions against Russia through cryptocurrency transactions. It introduces new obligations for digital asset businesses and for U.S. citizens holding cryptocurrencies abroad. The goal is to increase transparency and control over digital asset flows.
Key points
Cryptocurrency businesses cannot provide services to Russia-linked individuals subject to sanctions.
U.S. citizens holding over $10,000 in cryptocurrency outside the U.S. must report these holdings.
Banks and money service businesses will need to verify customer identities for transactions involving unhosted crypto wallets.
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Status:
Expired
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Additional Information
Print number: 117_HR_7067
Sponsor: Rep. Sherman, Brad [D-CA-30]
Process start date: 2022-03-11
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Closing Loopholes in Russia Sanctions Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7067.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-11.

What are the main provisions?

Key points include:

  • Cryptocurrency businesses cannot provide services to Russia-linked individuals subject to sanctions.
  • U.S. citizens holding over $10,000 in cryptocurrency outside the U.S. must report these holdings.
  • Banks and money service businesses will need to verify customer identities for transactions involving unhosted crypto wallets.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Sherman, Brad [D-CA-30].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Security Courts and Law