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Alma Adams

Alma Adams (D)

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Crypto bill sponsorship

Rep. Alma Adams has put out 2 crypto bills.

Russian Digital Asset Sanctions Compliance Act of 2022

H.R. 7429

117th Congress

Co-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.

ECASH Act

H.R. 7231

117th Congress

Co-sponsored
Bill pending

This bill requires the Department of the Treasury to support the development of an electronic dollar.

The electronic dollar must be

  • payable to the bearer;

  • considered legal tender;

  • an obligation of the United States;

  • placed into circulation by Treasury;

  • able to be directly used by the public; and

  • capable of instantaneous, offline transactions using hardware devices not involving a third-party intermediary.

The bill also provides for privacy requirements applicable to any hardware device used for electronic dollar transactions.

Merchants who accept physical currency and the federal government must accept electronic dollars as a form of payment.

The bill also establishes

  • the Electronic Currency Innovation Program to direct the development and implementation of electronic currency,

  • the Digital Dollar Council to coordinate Treasury's activities with other government entities, and

  • the Monetary Privacy Board to review and evaluate the electronic dollar program.

Finally, the bill provides for the establishment of a Treasury Electronic Currency Innovation Fund Account to carry out related programs.

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