Congress Requires Notification of DOS Crypto Payments When Aiding Ukraine
Amendment to bill requires Secretary of State to submit reports to congressional committees explaining why DOS made the decision pay out rewards in cryptocurrency.
New
A new bill requiring Congressional notification prior to the payment of US State Department (DOS) rewards using cryptocurrencies has surfaced amid concerns in the US Congress about the circumvention of sanctions.
The Rewards for Justice Program, a counterterrorism rewards program administered by the Secretary of State, offers rewards for information that prevents international terrorism. Citing examples of Russia and Belarus as previously sanctioned regimes that have used cryptocurrencies to circumvent sanctions, H.R. 7338 requires that:
"The Secretary of State must notify the appropriate congressional committees no later than 15 days prior to issuing a cryptocurrency reward."
Congress highlighted UN findings that 12 million Ukrainian residents are in need of humanitarian assistance and that cryptocurrencies have "been used as an effective cross-border payment tool to send millions to the Ukrainian government , the Ukrainian army and Ukrainian refugees with limited needs". access to financial services."
The amendment to the bill requires the Secretary of State to submit reports to congressional committees explaining why DOS made the decision to pay out cryptocurrency rewards.
If signed, the bill will require DOS to list every crypto payment that was previously provided. Additionally, the Federal Department will also need to provide evidence as to why cryptocurrency payments would encourage whistleblowers to share information in relation to the reward in US dollars or other prices.
>In doing so, the DOS must present an analysis of how crypto rewards could undermine the USD's dominance as the world's reserve currency.
Related: White House OSTP Department Analyzes 18 CBDC Design Choices for the United States
Following the decree of the American president Joe Biden on the guarantee of a responsible development...
Amendment to bill requires Secretary of State to submit reports to congressional committees explaining why DOS made the decision pay out rewards in cryptocurrency.
New
A new bill requiring Congressional notification prior to the payment of US State Department (DOS) rewards using cryptocurrencies has surfaced amid concerns in the US Congress about the circumvention of sanctions.
The Rewards for Justice Program, a counterterrorism rewards program administered by the Secretary of State, offers rewards for information that prevents international terrorism. Citing examples of Russia and Belarus as previously sanctioned regimes that have used cryptocurrencies to circumvent sanctions, H.R. 7338 requires that:
"The Secretary of State must notify the appropriate congressional committees no later than 15 days prior to issuing a cryptocurrency reward."
Congress highlighted UN findings that 12 million Ukrainian residents are in need of humanitarian assistance and that cryptocurrencies have "been used as an effective cross-border payment tool to send millions to the Ukrainian government , the Ukrainian army and Ukrainian refugees with limited needs". access to financial services."
The amendment to the bill requires the Secretary of State to submit reports to congressional committees explaining why DOS made the decision to pay out cryptocurrency rewards.
If signed, the bill will require DOS to list every crypto payment that was previously provided. Additionally, the Federal Department will also need to provide evidence as to why cryptocurrency payments would encourage whistleblowers to share information in relation to the reward in US dollars or other prices.
>In doing so, the DOS must present an analysis of how crypto rewards could undermine the USD's dominance as the world's reserve currency.
Related: White House OSTP Department Analyzes 18 CBDC Design Choices for the United States
Following the decree of the American president Joe Biden on the guarantee of a responsible development...
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