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Russia Cryptocurrency Transparency Act: New Rules for Rewards and Humanitarian Aid

This Act introduces new rules for the Department of State regarding cryptocurrency reward payments, requiring prior congressional notification. The aim is to increase transparency and prevent the use of cryptocurrencies to evade sanctions. Additionally, the Act mandates an analysis of blockchain technology for more effective humanitarian aid to Ukraine and strengthening sanctions enforcement against Russia.
Key points
The State Department must notify Congress 15 days before paying out a reward in cryptocurrency, increasing oversight of public spending.
Reports will assess whether cryptocurrencies are being used to evade sanctions against Russia and Belarus, potentially impacting financial and international security.
The use of blockchain technology to improve humanitarian aid delivery and economic development in Ukraine will be examined, potentially enhancing aid effectiveness.
The Act aims to prevent the use of cryptocurrencies by criminals and sanctioned entities, which could affect financial stability and the fight against crime.
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Expired
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Additional Information
Print number: 117_HR_7338
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Process start date: 2022-03-31
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Russia Cryptocurrency Transparency Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7338.

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 2022-03-31.

What are the main provisions?

Key points include:

  • The State Department must notify Congress 15 days before paying out a reward in cryptocurrency, increasing oversight of public spending.
  • Reports will assess whether cryptocurrencies are being used to evade sanctions against Russia and Belarus, potentially impacting financial and international security.
  • The use of blockchain technology to improve humanitarian aid delivery and economic development in Ukraine will be examined, potentially enhancing aid effectiveness.
  • The Act aims to prevent the use of cryptocurrencies by criminals and sanctioned entities, which could affect financial stability and the fight against crime.
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. Meeks, Gregory W. [D-NY-5].

What is the latest detailed status?

The latest detailed status is: The title of the measure was amended. Agreed to without objection.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy Security Courts and Law