The House of Representatives adopted the law “On the transparency of the Russian cryptocurrency”

The House of Representatives adopted the law “On the transparency of the Russian cryptocurrency”

The House of Representatives passed Law

Congressmen Gregory Meeks and Michael McCall   The House of Representatives passed the law «On the transparency of the Russian cryptocurrency»

A bill designed to counter attempts by individuals and companies from Russia to launder illicit money and evade sanctions will now go to the Senate for consideration

Rep. Gregory Meeks and Michael McCall, members of the Foreign Affairs Committee, released a joint statement on the occasion of the passage in the lower house of Congress of their proposed bill number HR-7338, called the Russia Cryptocurrency Transparency Act.

“The urgent need to deprive Vladimir Putin of the funds to conduct Russia's illegal war in Ukraine, the congressmen said in a statement, has again highlighted the role that cryptocurrencies can potentially play in money laundering and sanctions circumvention. While there are legitimate and valuable use cases for cryptocurrencies, some digital assets can be used to disguise the origin of monetary transactions and enable sanctions evasion. We are proud that the House of Representatives passed the Russian Cryptocurrency Transparency Act, which will provide the necessary transparency and information about such practices, including the use of cryptocurrencies as awards in State Department [special] programs. We look forward to seeing this critical piece of legislation passed by the Senate and signed into action by the White House to provide access to information that could impact U.S. foreign policy, which is currently adapting to the ever-changing fintech landscape.” .