Sec. 501. Sanctions on Venezuela’s cryptocurrency and the provision of related technologies
394 words·~2 min read·
/bill/115/hr/7245/ih/section-501A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Executive Order 13827 (83 Fed. Reg. 12469), which was signed on March 19, 2018, established sanctions against the Government of Venezuela’s ability to issue a digital currency in an effort to circumvent United States sanctions. In this section: The term entity means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization. The term Government of Venezuela means the Government of Venezuela, any political subdivision, agency, or instrumentality of such government, including the Central Bank of Venezuela and Petróleos de Venezuela, S.A., and any person owned or controlled by, or acting for or on behalf of, such government.
The term person means an individual or entity. The term United States person means any— United States citizen; alien lawfully admitted for permanent residence to the United States; entity organized under the laws of the United States or any jurisdiction within the United States (including a foreign branch of any such entity); and any person physically located in the United States. All transactions by a United States person or within the United States that relate to, provide financing for, provide software for, or otherwise deal in any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela are prohibited beginning on the date of the enactment of this Act.
The prohibitions under paragraph
(1)shall apply to the extent provided by statutes, or in regulations, orders, directives, or licenses that may be issued pursuant to this Act, and notwithstanding any contract entered into or any license or permit granted before the date of the enactment of this Act. Any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions set forth in this subsection is prohibited. Any conspiracy formed to violate any of the prohibitions set forth in this subsection is prohibited. The Secretary of the Treasury, in consultation with the Secretary of State, is authorized to take such actions, including promulgating rules and regulations, to implement this section. The Secretary of the Treasury may redelegate any of the functions described in paragraph
(1)to other officers and executive departments and agencies of the United States Government. All agencies of the United States Government shall take all appropriate measures within their authority to carry out the provisions of this section.
Connectionstraces to 1
Traces to 1 document
1 reference not yet in our index
- 83 FR 12469
Citation graph
cites case law
Sec. 501
Sanctions on Venezuela’s cryptocurrency and the provision of related technologies
Fed. Reg.83 FR 12469
Cites 2Cited by 0 across 0 sources