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Jack Reed

Jack Reed (D)

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Notable statements

Sen. Jack Reed has 3 statement(s) about crypto.

"@USTreasury is sanctioning Russia-based crypto platforms that are hotbeds of illicit activity & facilitate sales of ransomware, drugs, stolen credit cards, etc. & let cybercriminals hide their tracks. This is a critical step to prevent crypto from undermining nat'l security."

@SenJackReed April 5, 2021 on Twitter

"Russia is looking at alternative assets, including crypto, to evade sanctions. Blockchain transparency doesn’t provide enough deterrence. The Digital Asset Sanctions Compliance Enhancement Act is needed to strengthen our sanctions on Putin & his enablers."

@SenJackReed March 25, 2022 on Twitter

"We can’t let Putin & his cronies use crypto to evade sanctions. Joined @SenWarren @MarkWarner @SenSherrodBrown in urging U.S. Treasury to monitor & enforce sanctions compliance by the cryptocurrency industry."

@SenJackReed March 2, 2022 on Twitter

Crypto bill sponsorship

Sen. Jack Reed has put out 1 crypto bill.

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.

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