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Washington, D.C. – House Foreign Affairs Committee Lead Republican Michael McCaul and Chairman Gregory W. Meeks issued the following statement following the passage of H.R. 7338, the Russia Cryptocurrency Transparency Act, on the House floor yesterday:

“The imperative of starving Vladimir Putin of funds for Russia’s illegal war in Ukraine has brought renewed focus on the role cryptocurrencies can potentially have in money laundering and sanctions evasion. Though there are legitimate and valuable use cases for cryptocurrencies, some digital asset products can be used to mask the origins of transactions and facilitate sanctions evasion. We are proud to have passed the Russia Cryptocurrency Transparency Act on the House Floor, which would provide necessary transparency and information about these practices, including the utilization of cryptocurrencies in the State Department Rewards program. We hope to see this critical legislation pass through the Senate and signed into law by the White House to ensure access to information that can steer U.S. foreign policy as it adapts to a changing financial technology landscape.”