House Passes Bill to Assess Russian Use of Crypto to Evade Sanctions
The House this week passed the Russia Cryptocurrency Transparency Act with several sanctions provisions, including one to require the State and Treasury departments to assess how digital currencies are affecting the “effectiveness and enforcement” of U.S. sanctions against Russia. The agencies would also be required to submit to Congress recommendations for “new legislative and regulatory measures” to strengthen the U.S.’s ability to stop digital currencies being used for sanctions evasion.
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Reps. Gregory W. Meeks, D-N.Y., and Michael McCaul, R-Texas, said some cryptocurrencies have “legitimate uses,” but others “can be used to mask the origins of transactions and facilitate sanctions evasion.” The two lawmakers, who are the top Democrat and Republican on the House Foreign Affairs Committee, urged the Senate to also pass the bill.