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Bob Menendez

Bob Menendez (D)

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Notable statements

Sen. Bob Menendez has 2 statement(s) about crypto.

"It's unreasonable to expect that Americans, especially those unbanked or underbanked, jump into using #cryptocurrency for every day purchases. I raised this at today's @SenateBanking hearing and will continue to work to preserve #cash as an option to pay for retail transactions."

@SenatorMenendez July 27, 2021 on Twitter

"Venezuela's Dictator Nicolas Maduro created a cryptocurrency, the Petro, to avoid U.S. sanctions, and continue the money laundering & plundering of public resources that has ruined Venezuela's economy. I welcome the Trump Administration's new sanctions targeting the Petro. My full statement on new Venezuela sanctions. #SOSVenezuela"

@SenatorMenendez March 19, 2018 on Twitter

Crypto bill sponsorship

Sen. Bob Menendez has put out 2 crypto bills.

Digital Asset Sanctions Compliance Enhancement Act of 2022

S. 3867

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.

Accountability for Cryptocurrency in El Salvador Act

S. 3666

117th Congress

Co-sponsored
Bill pending

This bill requires the Department of State to devise and implement a plan to mitigate any potential risk to the U.S. financial system posed by the adoption of a cryptocurrency as legal tender in El Salvador and any other country that uses the U.S. dollar as legal tender. The State Department must report to Congress on this plan and on various issues relating to El Salvador's adoption of Bitcoin as legal tender.

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