House Introduces Companion Bill to Senate's Russian Crypto Sanctions Legislation

A new House bill would allow the U.S. to block and sanction certain crypto exchanges if they facilitate transactions with Russia-based addresses. The Russian Digital Asset Sanctions Compliance Act of 2022, introduced by House Democrats April 6, would be a “significant step towards” restricting crypto exchanges from “providing services for Russia-based cryptocurrency wallets,” the lawmakers said. The bill also would authorize sanctions against anyone that the Treasury Department determines “to be significantly and materially facilitating digital asset transactions in violation of sanctions.” The bill is a companion to Senate legislation introduced in March.