Media Contact 202-226-8467

Washington, D.C. – Today, House Foreign Affairs Committee Lead Republican Michael McCaul (R-TX) and Chairman Gregory Meeks (D-NY) introduced the Russia Cryptocurrency Transparency Act, bipartisan legislation that would exercise oversight of the State Department’s use of cryptocurrency as part of its rewards program, as well as measures to improve the efficacy and enforcement of U.S. sanctions against Russia.  

“Emerging technologies like blockchain, the foundation for many cryptocurrencies, offer ​immense opportunities. Most recently, people around the world sent aid using cryptocurrency to those fleeing Russia’s full-scale invasion of Ukraine,” said Ranking Member Michael McCaul. “However, this bill will ensure the U.S. is taking the necessary steps to prevent these emerging technologies from undermining sanctions, including those currently aimed at bankrupting Putin’s war machine,” 

“While the rise of digital assets like cryptocurrencies promise innovative financial opportunity, digital assets could be ripe for abuse as Russia seeks to evade the unprecedented sanctions the United States has imposed for Vladmir Putin’s brutal war of choice on Ukraine. This legislation will provide greater oversight over the State Department’s rewards program, helping ensure these hard-to-trace funds are not falling in the hands of bad actors. It also will help the State Department develop sanctions enforcement mechanisms to prevent sanctions evasion through use of crypto currencies. Given the tremendous need for humanitarian support as Europe faces the largest influx of refugees since World War 2, the legislation also asks State to assess how crypto can be used to support humanitarian assistance to Ukrainians fleeing the war,” said Chairman Gregory W. Meeks.