washington d.c. – Representatives Gregory W. Meeks and Michael McCaul, Chairman and Ranking Member of the House Foreign Affairs Committee, issued the following statement following the passage of HR 7338, Russia’s Transparency Law cryptocurrencies, in the House yesterday:
“The imperative to starve Vladimir Putin of funds for Russia’s illegal war in Ukraine has reignited attention to the role cryptocurrencies can potentially play in money laundering and sanctions evasion. there are legitimate and valuable use cases for cryptocurrencies, certain digital asset products can be used to hide the origin of transactions and facilitate the evasion of sanctions. We are proud to have adopted Russian law on Cryptocurrency Transparency in the House, which would provide necessary transparency and disclosure about these practices, including the use of cryptocurrencies in the State Department’s rewards program. We hope to see this essential legislation pass by the Senate and be enacted by the White House to ensure access to information that can guide U.S. foreign policy as it adapts to changing ion of the fintech landscape.