Sec. 702. Report on the impact of cryptocurrencies on United States sanctions
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/bill/116/s/1025/is/section-702A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section, the term appropriate congressional committees means— the Committee on Foreign Relations of the Senate ; the Committee on Banking, Housing, and Urban Affairs of the Senate ; the Committee on Foreign Affairs of the House of Representatives ; and the Committee on Financial Services of the House of Representatives . Not later than 180 days after the date of the enactment of this Act, the Secretary of State, after consultation with the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the Chairman of the Commodity Futures Trading Commission, shall submit a report to the appropriate congressional committees that provides an assessment on how digital currencies affect the effectiveness of United States sanctions around the world.
The report submitted under subsection
(b)shall— describe any global efforts, including efforts by states, state-sponsored actors, and non-state-sponsored actors, to utilize digital currencies to evade or circumvent United States sanctions, including through the direct or indirect use of products or services of United States based technology, software, or financial services firms; and include recommendations for new legislative and regulatory measures needed to strengthen the United States Government’s ability to prevent states, state-sponsored actors, and non-state-sponsored actors from using digital currencies to evade or circumvent United States sanctions, including through the direct or indirect use of products or services of United States based technology, software, or financial services firms. The report submitted under subsection
(b)shall be submitted in unclassified form, but may include a classified annex.