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Brad Sherman

Brad Sherman (D)

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Notable statements

Rep. Brad Sherman has 6 statement(s) about crypto.

"Some say it’s crypto winter. Perhaps it’s #CryptoIceAge. Those who invest in American companies, build America. Others chose to invest in crypto, whose proponents boast that it will disempower America, making it impossible to enforce sanctions and tax laws and reducing the dollar’s role as the reserve currency."

@BradSherman June 19, 2022 on Twitter

"Pleased to see @SecPompeo shares my concerns. Pompeo says #cryptocurrency could help terrorists and those engaging in nefarious activity. He could have added tax evasion and sanctions evasion."

@BradSherman August 30, 2019 on Twitter

"Today I spoke with Treasury Secretary @SecYellen on the importance of the U.S. government doing more to identify and prevent #Russia and its oligarchs from evading sanctions through the private securities market and cryptocurrency. See the exchange below:"

@BradSherman August 30, 2019 on Twitter

"Today I introduced the Russian Digital Asset Sanctions Compliance Act of 2022, the House companion to legislation recently introduced by @SenWarren. (1/2) This legislation represents a significant step towards answering the Ukrainian government’s repeated calls for cryptocurrency exchanges to stop providing services for Russia-based cryptocurrency wallets. (2/2)"

@BradSherman April 6, 2022 on Twitter

"Desperate to show it believes in privacy, @facebook will build a crypto currency platform to protect the privacy of drug dealers, tax evaders, and terrorists. 1/3 I guess they think it’s ok to mine and sell the privacy of ordinary Americans –- as long as they help terrorists avoid detection and sanctions. 2/3 The world-wide use of the U.S. dollar strengthens the U.S. economy and allows us to sanction rogue nations. Those desperate to weaken the U.S. pray for a crypto-alternative to the U.S. dollar. 3/3"

@BradSherman May 3, 2019 on Twitter

"Perhaps you can make money and hurt your country at the same time — and perhaps some Members of Congress will applaud your efforts. Here’s the real picture: “Bitcoin, it’s not just for narco-terrorists anymore...it’s for tax evaders too.”"

@BradSherman April 15, 2021 on Twitter

Crypto bill sponsorship

Rep. Brad Sherman has put out 2 crypto bills.

Closing Loopholes in Russia Sanctions Act of 2022

H.R. 7067
Sponsored
Bill pending

This bill requires and authorizes various actions relating to digital assets, such as cryptocurrencies, and sanctions relating to Russia.

Specifically, the bill (1) authorizes the President to impose sanctions on a foreign person (i.e., individual or entity) in the digital asset industry that facilitates transactions involving persons subject to U.S. sanctions relating to Russia; (2) prohibits digital asset exchanges from transacting with digital asset wallets or cryptocurrency addresses that are known to be, or could reasonably be known to be, affiliated with persons headquartered in Russia; and (3) requires U.S. taxpayers holding a certain amount of cryptocurrency in non-U.S. accounts to report such holdings to the Internal Revenue Service.

Russian Digital Asset Sanctions Compliance Act of 2022

H.R. 7429
Sponsored
Bill pending

This bill allows additional sanctions against Russia and creates specified reporting requirements regarding digital assets.

Specifically, the President must periodically identify foreign persons who facilitate evasion of Russian sanctions using digital assets. The bill authorizes sanctions against such persons.

The bill requires a U.S. taxpayer engaged in offshore digital asset transactions greater than $10,000 to file an annual Report of Foreign Bank and Financial Accounts with the Financial Crimes Enforcement Network.

The bill allows the Department of the Treasury to prohibit U.S. digital asset trading platforms and transaction facilitators from transacting with Russian digital asset addresses. Additionally, Treasury must report on its progress in implementing the bill and must annually identify foreign digital asset trading platforms that are a high risk for sanctions evasion, money laundering, and other illicit activities.

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