,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #gcba  ,,in ,,the ,,house ,,of  
,,representatives  ,december #ag1       
#bjah,mr4 ,gallagher 7for himself1 ,ms4 
,stefanik1 ,mrs4 ,walorski1 ,mr4        
,lamborn1 ,mr4 ,king of ,new ,york1 ,mr4
 ,bacon1 and ,mr4 ,banks of ,indiana7   
introduced the following bill2 which was
 referred to the ,committee on ,foreign 
,affairs1 and in addition to the        
,committees on ,financial ,services1 the
 ,judiciary1 ,ways and ,means1 and      
,oversight and ,government ,reform1 for 
a period to be subsequently determined  
by the ,speaker1 in each case for       
consideration of such provisions as fall
 within the jurisdiction of the         
committee concerned  ,a ,,bill  ,to     
impose sanctions with respect to        
,iranian financial institutions and the 
development and use of ,iranian digital 
currency1 and for other purposes4  #a4  
,short title2 table of contents  7a7    
,short title ,this ,act may be cited as 
the ,blocking ,iran ,illicit ,finance   

,act4  7b7 ,table of contents ,the table
 of contents for this ,act is as        
follows3  ,sec4 #a4 ,short title2 table 
of contents4 ,,title ,i--,strengthening 
existing sanctions with respect to ,iran
 to account for all sanctionable        
activity1 including human rights abuses 
,sec4 #aja4 ,findings4 ,sec4 #ajb4      
,expansion of prohibitions on           
correspondent accounts or               
payable-through accounts for foreign    
financial institutions that facilitate  
transactions or provide financial       
services for certain ,iranian financial 
institutions4 ,sec4 #ajc4 ,expansion of 
sanctions with respect to persons       
knowingly and directly providing        
specialized financial messaging services
 to1 or enabling or facilitating direct 
or indirect access to such messaging    
services for1 the ,central ,bank of     
,iran1 other designated ,iranian banks1 
or ,iranian financial institutions      
removed from the list of specially      
designated persons pursuant to the      

implementation of the ,joint            
,comprehensive ,plan of ,action4 ,,title
 ,,ii--,new sanctions authorities with  
respect to ,iranian banks ,sec4 #bja4   
,findings4 ,sec4 #bjb4 ,issuance of     
final rule regarding application of     
special measures with respect to ,iran  
in connection with designation as       
jurisdiction of primary money laundering
 concern4 ,sec4 #bjc4 ,imposition of    
sanctions with respect to financial     
sector of ,iran4 ,sec4 #bjd4            
,authorization of imposition of         
terrorism-related sanctions with respect
 to ,iranian financial institutions4    
,,title ,,iii--,sanctions with respect  
to the development and use of ,iranian  
digital currency ,sec4 #cja4            
,definitions4 ,sec4 #cjb4 ,findings4    
,sec4 #cjc4 ,prohibition on transactions
 related to1 provision of financing for1
 and other dealings in ,iranian digital 
currency4 ,sec4 #cjd4 ,sanctions with   
respect to foreign persons that engage  
in significant transactions for the     

sale1 supply1 or transfer to ,iran of   
significant goods or services used in   
connection with the development of      
,iranian digital currency4 ,sec4 #cje4  
,sanctions with respect to foreign      
persons that conduct or facilitate      
significant transactions related to the 
purchase or sale of ,iranian digital    
currency or maintain significant amounts
 in ,iranian digital currency4 ,sec4    
#cjf4 ,report on progress of ,government
 of ,iran in creating a sovereign       
cryptocurrency4  ,i ,strengthening      
existing sanctions with respect to ,iran
 to account for all sanctionable        
activity1 including human rights abuses 
#aja4 ,findings ,congress finds the     
following3 7#a7 ,on ,november #e1 #bjah1
 the ,secretary of the ,treasury for the
 first time sanctioned ,iranian banks   
for having materially assisted1         
sponsored1 or provided financial1       
material1 or technological support for1 
or goods or services to or in support of
 the human rights abuses of the         

,government of ,iran1 including--  7,a7 
,ghavamin ,bank1 for providing services 
to the ,law ,enforcement ,forces of     
,iran1 which had been designated for    
complicity in serious human rights      
abuses in ,iran1 including operating    
detention centers where detained        
protestors were deprived of basic needs 
such as medical care2 and  7,b7 ,ayandeh
 ,bank1 for providing services to the   
,islamic ,republic of ,iran             
,broadcasting1 ,iran's state-media      
apparatus1 which had been designated for
 restricting or denying the free flow of
 information to or from the ,iranian    
people ''' and was implicated in        
censoring multiple media outlets and    
airing forced confessions from political
 detainees4  7#b7 ,section #bbj of the  
,iran ,threat ,reduction and ,syria     
,human ,rights ,act of #bjab 7#bb       
,u4,s4,c4 #hgbf7 authorizes the         
imposition of sanctions with respect to 
persons who knowingly and directly      
provide specialized financial messaging 

services to1 or knowingly enable or     
facilitate direct or indirect access to 
such messaging services for1 the        
,central ,bank of ,iran or certain other
 sanctioned ,iranian financial          
institutions4  #ajb4 ,expansion of      
prohibitions on correspondent accounts  
or payable-through accounts for foreign 
financial institutions that facilitate  
transactions or provide financial       
services for certain ,iranian financial 
institutions ,section #ajd7;c77#b77;,e7 
of the ,comprehensive ,iran ,sanctions1 
,accountability1 and ,divestment ,act of
 #bjaj 7#bb ,u4,s4,c4                   
#heac7;c77#b77;,e77 is amended--  7#a7  
in clause 7i71 by striking or at the    
end2  7#b7 in clause 7ii77,,ii71 by     
striking the period at the end and      
inserting 2 or2 and  7#c7 by adding at  
the end the following3  7iii7 an        
,iranian financial institution included 
on the list of specially designated     
nationals and blocked persons maintained
 by the ,office of ,foreign ,assets     

,control of the ,department of the      
,treasury4  4  #ajc4 ,expansion of      
sanctions with respect to persons       
knowingly and directly providing        
specialized financial messaging services
 to1 or enabling or facilitating direct 
or indirect access to such messaging    
services for1 the ,central ,bank of     
,iran1 other designated ,iranian banks1 
or ,iranian financial institutions      
removed from the list of specially      
designated persons pursuant to the      
implementation of the ,joint            
,comprehensive ,plan of ,action  7a7 ,in
 general ,section #bbj of the ,iran     
,threat ,reduction and ,syria ,human    
,rights ,act of #bjab 7#bb ,u4,s4,c4    
#hgbf7 is amended--  7#a7 in the section
 header1 by striking authorization of2  
7#b7 in subsection 7b7--  7,a7 in       
paragraph 7#a7-- 7i7 in subparagraph    
7,a71 by striking or a financial        
institution described in section        
#ajd7;c77#b77;,e77ii7 of the            
,comprehensive ,iran ,sanctions1        

,accountability1 and ,divestment ,act of
 #bjaj 7#bb ,u4,s4,c4                   
#heac7;c77#b77;,e77ii77 and inserting 1 
a financial institution described in    
clause 7ii7 or 7iii7 of section         
#ajd7;c77#b77;,e7 of the ,comprehensive 
,iran ,sanctions1 ,accountability1 and  
,divestment ,act of #bjaj 7#bb ,u4,s4,c4
 #heac7;c77#b77;,e771 or a financial    
institution that was removed from the   
list of specially designated nationals  
and blocked persons maintained by the   
,office of ,foreign ,assets ,control of 
the ,department of the ,treasury        
pursuant to the implementation of the   
,joint ,comprehensive ,plan of ,action2 
and  7ii7 in subparagraph 7,b71 by      
striking that section and inserting     
subparagraph 7,a72 and  7,b7 in         
paragraph 7#b71 by striking or a        
financial institution described in      
section #ajd7;c77#b77;,e77ii7 of the    
,comprehensive ,iran ,sanctions1        
,accountability1 and ,divestment ,act of
 #bjaj 7#bb ,u4,s4,c4                   

#heac7;c77#b77;,e77ii77 and inserting 1 
a financial institution described in    
clause 7ii7 or 7iii7 of section         
#ajd7;c77#b77;,e7 of the ,comprehensive 
,iran ,sanctions1 ,accountability1 and  
,divestment ,act of #bjaj 7#bb ,u4,s4,c4
 #heac7;c77#b77;,e771 or a financial    
institution that was removed from the   
list of specially designated nationals  
and blocked persons maintained by the   
,office of ,foreign ,assets ,control of 
the ,department of the ,treasury        
pursuant to the implementation of the   
,joint ,comprehensive ,plan of ,action2 
7#c7 in subsection 7c7-- 7,a7 in the    
subsection header1 by striking          
,authorization of imposition and        
inserting ,imposition2  7,b7 in         
paragraph 7#a7-- 7i7 by striking the    
date that is #ij days after the date of 
the enactment of this ,act and inserting
 the date of the enactment of the       
,blocking ,iran ,illicit ,finance ,act2 
7ii7 by striking or a financial         
institution described in paragraph      

7#b77;,e77ii7 of section #ajd7;c7 of the
 ,comprehensive ,iran ,sanctions1       
,accountability1 and ,divestment ,act of
 #bjaj 7#bb ,u4,s4,c4 #heac7;c77 and    
inserting 1 a financial institution     
described in clause 7ii7 or 7iii7 of    
paragraph 7#b77;,e7 of section #ajd7;c7 
of the ,comprehensive ,iran ,sanctions1 
,accountability1 and ,divestment ,act of
 #bjaj 7#bb ,u4,s4,c4 #heac7;c771 or a  
financial institution that was removed  
from the list of specially designated   
nationals and blocked persons maintained
 by the ,office of ,foreign ,assets     
,control of the ,department of the      
,treasury pursuant to the implementation
 of the ,joint ,comprehensive ,plan of  
,action2 and  7iii7 by striking the     
,president may and inserting the        
,president shall2 and  7,c7 in paragraph
 7#b7--  7i7 in the matter preceding    
subparagraph 7,a71 by striking section  
#ajd7;c77#b77;,e77ii7 of the            
,comprehensive ,iran ,sanctions1        
,accountability1 and ,divestment ,act of

 #bjaj 7#bb ,u4,s4,c4                   
#heac7;c77#b77;,e77ii77 and inserting   
that paragraph2 and  7ii7 in            
subparagraph 7,a77ii77,i71 by striking  
section #ajd7;c77#b77;,e77ii7 of the    
,comprehensive ,iran ,sanctions1        
,accountability1 and ,divestment ,act of
 #bjaj 7#bb ,u4,s4,c4                   
#heac7;c77#b77;,e77ii77 and inserting   
paragraph 7#a72 and  7#d7 by adding at  
the end the following3  7e7 ,joint      
,comprehensive ,plan of ,action defined 
,in this section1 the term ,joint       
,comprehensive ,plan of ,action means   
the ,joint ,comprehensive ,plan of      
,action agreed to at ,vienna on ,july   
#ad1 #bjae1 by ,iran and by ,france1    
,germany1 the ,russian ,federation1 the 
,people's ,republic of ,china1 the      
,united ,kingdom1 and the ,united       
,states1 and all implementing materials 
and agreements related to the ,joint    
,comprehensive ,plan of ,action4  4  7b7
 ,clerical amendment ,the table of      
contents for the ,iran ,threat          

,reduction and ,syria ,human ,rights    
,act of #bjab is amended by striking the
 item relating to section #bbj and      
inserting the following3  ,sec4 #bbj4   
,reports on1 and imposition of sanctions
 with respect to1 the provision of      
specialized financial messaging services
 to the ,central ,bank of ,iran and     
other sanctioned ,iranian financial     
institutions4  4  ,,ii ,new sanctions   
authorities with respect to ,iranian    
banks  #bja4 ,findings ,congress finds  
the following3 7#a7 ,on ,may #h1 #bjah1 
the ,president issued ,national         
,security ,presidential ,memorandum #aa 
entitled ,ceasing ,united ,states       
,participation in the ,joint            
,comprehensive ,plan of ,action and     
,taking ,additional ,action to ,counter 
,iran's ,malign ,influence and ,deny    
,iran ,all ,paths to a ,nuclear ,weapon1
 that--  7,a7 established that it is in 
the national interest of the ,united    
,states to re-impose sanctions lifted or
 waived in connection with the ,,jcpoa  

as expeditiously as possible2 and  7,b7 
instructed the ,secretary of ,state and 
the ,secretary of the ,treasury to      
immediately begin taking steps to       
reimpose all ,united ,states sanctions  
lifted or waived in connection with the 
,,jcpoa1 including those under the      
,national ,defense ,authorization ,act  
for ,fiscal ,year #bjab1 the ,iran      
,sanctions ,act of #aiif1 the ,iran     
,threat ,reduction and ,syria ,human    
,rights ,act of #bjab1 and the ,iran    
,freedom and ,counterproliferation ,act 
of #bjab4  7#b7 ,section #abde7;b7 of   
the ,national ,defense ,authorization   
,act for ,fiscal ,year #bjab 7#bb       
,u4,s4,c4 #heac;a7b77 designated the    
financial sector of ,iran1 including the
 ,central ,bank of ,iran1 as a          
jurisdiction of primary money laundering
 concern for purposes of section        
#ecah;,a of title #ca1 ,united ,states  
,code1 because of the threat to         
government and financial institutions   
resulting from the illicit activities of

 the ,government of ,iran1 including its
 pursuit of nuclear weapons1 support for
 international terrorism1 and efforts to
 deceive responsible financial          
institutions and evade sanctions4  7#c7 
,since ,october #bjjg1 the ,financial   
,action ,task ,force1 an                
intergovernmental organization that sets
 standards and promotes implementation  
of measures to combat money laundering1 
terrorist financing1 and related threats
 to the integrity of the international  
financial system1 identified ,iran as   
posing a significant vulnerability      
within the international financial      
system due to deficiencies in ,iran's   
antimoney laundering efforts and efforts
 to combat the financing of terrorism   
7collectively known as ,iran's          
,,aml_/,,cft regime74  7#d7 ,on         
,november #be1 #bjaa1 the ,secretary of 
the ,treasury issued a finding under    
section #ecah;,a of title #ca1 ,united  
,states ,code1 that reasonable grounds  
exist for concluding that ,iran is a    

jurisdiction of primary money laundering
 concern4  7#e7 ,since ,june #bjaf1 the 
,financial ,action ,task ,force has     
welcomed ,iran's high-level political   
commitment to address its strategic     
,,aml_/,,cft deficiencies1 and its      
decision to seek technical assistance in
 the implementation of the ,action      
,plan1 but--  7,a7 on ,september #b1    
#bjag1 ,iranian ,defense ,minister ,amir
 ,hatami stated that ,iran would        
increase its support for terrorist      
groups such as ,hezbollah1 stating that 
perhaps the main fear of the arrogant   
powers about our relationship with the  
resistance axis is that they do not want
 such a pattern to see the light of day2
  7,b7 on ,october #h1 #bjah1 the       
,iranian parliament approved a bill     
authorizing ,iran to join the           
,international ,convention for the      
,suppression of the ,financing of       
,terrorism1 but included exemptions for 
continued financing of terror           
organizations such as ,hamas and        

,hezbollah2 and  7,c7 on ,october #ai1  
#bjah1 the ,financial ,action ,task     
,force issued a statement noting that   
,iran's action plan expired in ,january 
#bjah ''' and the majority of the       
,action ,plan remains outstanding '''   
,until ,iran implements the measures    
required to address the deficiencies    
identified in the ,action ,plan1 the    
,,fatf will remain concerned with the   
terrorist financing risk emanating from 
,iran and the threat this poses to the  
international financial system44  7#f7  
,on ,october #aa1 #bjah1 the ,financial 
,crimes ,enforcement ,network issued an 
advisory that ,some of the methods used 
by the ,iranian regime to access the    
financial system through covert means   
and to further its malign activities    
include misusing banks and exchange     
houses1 operating procurement networks  
that utilize front or shell companies1  
exploiting commercial shipping1 and     
masking illicit transactions using      
senior officials ''' ,fin,c,e,n expects 

that ,iranian financial institutions1   
the ,iranian regime1 and its officials  
will increase their efforts to evade    
,u4,s4 sanctions to fund malign         
activities and secure hard currency for 
the ,government of ,iran1 following the 
re-imposition of sanctions lifted under 
the ,,jcpoa44  #bjb4 ,issuance of final 
rule regarding application of special   
measures with respect to ,iran in       
connection with designation as          
jurisdiction of primary money laundering
 concern ,not later than #ij days after 
the date of the enactment of this ,act1 
the ,secretary of the ,treasury shall   
issue a final rule pursuant to section  
#ecah;,a of title #ca1 ,united ,states  
,code1 that--  7#a7 applies the measures
 described in paragraph 7#e7 of         
subsection 7b7 of that section with     
respect to ,iran2 and  7#b7 applies such
 other measures described in that       
subsection with respect to ,iran as the 
,secretary considers appropriate4  #bjc4
 ,imposition of sanctions with respect  

to financial sector of ,iran  7a7       
,sanctions with respect to sectors of   
the economy of ,iran  7#a7 ,in general  
,section #abdd of the ,iran ,freedom and
 ,counter-,proliferation ,act of #bjab  
7#bb ,u4,s4,c4 #hhjc7 is amended-- 7,a7 
in the section header1 by striking and  
shipbuilding and inserting shipbuilding1
 and financial2  7,b7 in subsection     
7a77#a71 by striking and shipbuilding   
and inserting shipbuilding1 and         
financial2  7,c7 in subsection 7b7--    
7i7 in the subsection header1 by        
striking and shipbuilding and inserting 
shipbuilding1 and financial2 and  7ii7  
by striking and shipbuilding and        
inserting shipbuilding1 and financial2  
7,d7 in subsection 7c7-- 7i7 in the     
subsection header1 by striking and      
shipbuilding and inserting shipbuilding1
 and financial2  7ii7 in paragraph      
7#b7-- 7,i7 in subparagraph 7,a71 by    
striking or shipbuilding and inserting  
shipbuilding1 or financial2 and  7,,ii7 
in subparagraph 7,c7-- 7aa7 in clause   

7i71 by striking or shipbuilding and    
inserting shipbuilding1 or financial2   
and  7bb7 in clause 7iii71 by striking  
7other than an ,iranian financial       
institution described in paragraph      
7#c772 and  7iii7 by striking paragraph 
7#c72 and  7,e7 in subsection 7d7-- 7i7 
in the subsection header1 by striking   
and shipbuilding and inserting          
shipbuilding1 and financial2 and  7ii7  
in paragraph 7#c71 by striking or       
shipbuilding and inserting shipbuilding1
 or financial4  7#b7 ,clerical amendment
 ,the table of contents for the ,iran   
,freedom and ,counter-,proliferation    
,act of #bjab is amended by striking the
 item relating to section #abdd and     
inserting the following3  ,sec4 #abdd4  
,imposition of sanctions with respect to
 the energy1 shipping1 shipbuilding1 and
 financial sectors of ,iran4  4  7b7    
,sanctions with respect to sale1 supply1
 or transfer of certain materials  7#a7 
,in general ,section #abde of the ,iran 
,freedom and ,counter-,proliferation    

,act of #bjab 7#bb ,u4,s4,c4 #hhjd7 is  
amended-- 7,a7 in subsection            
7a77#a77;,c77i7--  7i7 in subclause     
7,i71 by striking or shipbuilding and   
inserting shipbuilding1 or financial2   
and  7ii7 in subclause 7,,ii71 by       
striking 7other than an ,iranian        
financial institution described in      
subsection 7b772  7,b7 by striking      
subsection 7b72 and  7,c7 by            
redesignating subsections 7c7 through   
7h7 as subsections 7b7 through 7g71     
respectively4  7#b7 ,conforming         
amendments  7,a7 ,in general ,such      
section is further amended-- 7i7 in     
subsection 7a77#a7--  7,i7 in           
subparagraph 7,b7-- 7aa7 by striking    
subsection 7d7 and inserting subsection 
7c72 and  7bb7 by striking subsection   
7e77#a7 and inserting subsection        
7d77#a72 and  7,,ii7 in subparagraph    
7,c7--  7aa7 in the matter preceding    
clause 7i71 by striking subsection 7d7  
and inserting subsection 7c72 and  7bb7 
in clause 7i7-- 7,,aa7 in subclause     

7,i71 by striking subsection 7e77#b7 and
 inserting subsection 7d77#b72 and      
7,,bb7 in subclause 7,,iii71 by striking
 subsection 7e77#c7 and inserting       
subsection 7d77#c72  7ii7 in subsection 
7d71 as redesignated by paragraph       
7#a77;,c7-- 7,i7 in paragraph 7#a77;,a71
 by striking subsection 7d7 and         
inserting subsection 7c72 and  7,,ii7 in
 paragraph 7#c71 by striking subsection 
7d7 and inserting subsection 7c72 and   
7iii7 in subsection 7e71 as so          
redesignated1 by striking subsection 7a7
 or 7c7 and inserting subsection 7a7 or 
7b74  7,b7 ,sanctions with respect to   
underwriting services or insurance or   
reinsurance ,section                    
#abdf7;a77#a77;,b77ii7 of the ,iran     
,freedom and ,counter-,proliferation    
,act of #bjab 7#bb ,u4,s4,c4            
#hhje7;a77#a77;,b77ii77 is amended by   
striking section #abde7;d7 and inserting
 section #abde7;c74  7,c7 ,application  
of ,iran ,sanctions ,act of #aiif       
,section #abec7;c7 of the ,iran ,freedom

 and ,counter-,proliferation ,act of    
#bjab 7#bb ,u4,s4,c4 #hhji7;c77 is      
amended by striking #abde7;g7 and       
inserting #abde7;f74  7c7 ,sanctions    
with respect to underwriting services or
 insurance or reinsurance  7#a7 ,in     
general ,section #abdf of the ,iran     
,freedom and ,counter-,proliferation    
,act of #bjab 7#bb ,u4,s4,c4 #hhje7 is  
amended-- 7,a7 in subsection 7a77#a7--  
7i7 in subparagraph 7,b77i71 by striking
 or shipbuilding and inserting          
shipbuilding1 or financial2 and  7ii7 in
 subparagraph 7,c71 by striking 7other  
than an ,iranian financial institution  
described in subsection 7b772  7,b7 by  
striking subsection 7b72 and  7,c7 by   
redesignating subsections 7c71 7d71 and 
7e7 as subsections 7b71 7c71 and 7d71   
respectively4  7#b7 ,conforming         
amendment ,section #abec7;c7 of the     
,iran ,freedom and                      
,counter-,proliferation ,act of #bjab   
7#bb ,u4,s4,c4 #hhji7;c77 is amended by 
striking #abdf7;e7 and inserting        

#abdf7;d74  #bjd4 ,authorization of     
imposition of terrorism-related         
sanctions with respect to ,iranian      
financial institutions  7a7 ,in general 
,the ,comprehensive ,iran ,sanctions1   
,accountability1 and ,divestment ,act of
 #bjaj 7#bb ,u4,s4,c4 #heja et seq47 is 
amended by inserting after section      
#ajd;,a the following3  #ajd;,b4        
,authorization of imposition of         
terrorism-related sanctions with respect
 to ,iranian financial institutions  7a7
 ,in general ,the ,president may impose 
the sanctions described in subsection   
7b7 with respect to an ,iranian         
financial institution and any foreign   
person that is an official1 agent1 or   
affiliate of an ,iranian financial      
institution4  7b7 ,sanctions described  
,the sanctions described in this        
subsection are sanctions applicable with
 respect to a foreign person pursuant to
 ,executive ,order ,no4 #acbbd 7#ej     
,u4,s4,c4 #agja note2 relating to       
blocking property and prohibiting       

transactions with persons who commit1   
threaten to commit1 or support          
terrorism74  7c7 ,iranian financial     
institution defined ,in this section1   
the term ,iranian financial institution 
has the meaning given that term in      
section #ajd;,a7d77#c74  4  7b7         
,clerical amendment ,the table of       
contents for the ,comprehensive ,iran   
,sanctions1 ,accountability1 and        
,divestment ,act of #bjaj 7#bb ,u4,s4,c4
 #heja et seq47 is amended by inserting 
after the item relating to section      
#ajd;,a the following3  ,sec4 #ajd;,b4  
,authorization of imposition of         
terrorism-related sanctions with respect
 to ,iranian financial institutions4  4 
,,iii ,sanctions with respect to the    
development and use of ,iranian digital 
currency  #cja4 ,definitions ,in this   
title3 7#a7 ,correspondent account2     
payable-through account ,the terms      
correspondent account and               
payable-through account have the        
meanings given those terms in section   

#ecah;,a of title #ca1 ,united ,states  
,code4  7#b7 ,digital currency exchange 
,the term digital currency exchange     
means any organization1 association1 or 
group of persons1 whether incorporated  
or unincorporated1 which constitutes1   
maintains1 or provides a market place or
 facilities for bringing together       
purchasers and sellers of digital       
currencies or for otherwise performing  
with respect to digital currencies the  
functions commonly performed by an      
exchange as that term is generally      
understood1 and includes the market     
place and the market facilities         
maintained by such digital currency     
exchange4  7#c7 ,foreign person ,the    
term foreign person means a person that 
is not a ,united ,states person4  7#d7  
,iranian digital currency ,the term     
,iranian digital currency means any     
digital currency1 digital coin1 or      
digital token that was issued by1 for1  
or on behalf of the ,government of      
,iran4  7#e7 ,united ,states person ,the

 term ,united ,states person means any  
,united ,states citizen1 permanent      
resident alien1 entity organized under  
the laws of the ,united ,states or any  
jurisdiction within the ,united ,states 
7including foreign branches71 or person 
in the ,united ,states4  #cjb4 ,findings
 ,congress makes the following findings3
 7#a7 ,on ,february #ac1 #bjah1 the     
,under ,secretary of the ,treasury for  
,terrorism and ,financial ,intelligence 
stated that ,rogue regimes like         
,venezuela experiment with and use      
digital and virtual currencies to hide  
their ill-gotten gains and finance their
 illicit activities4 ,recently1 for     
example1 ,venezuela announced plans to  
create the petro digital currency to try
 and sidestep our powerful sanctions44  
7#b7 ,in ,april #bjah1 the ,minister of 
,information and ,communications        
,technology of ,iran stated that the    
experimental model was ready for a      
digital currency developed by the       
,government of ,iran4  7#c7 ,in ,june   

#bjah1 the ,deputy for ,management and  
,investment at the ,directorate for     
,scientific and ,technological ,affairs 
of ,iran stated that ,we are trying to  
prepare the grounds to use a domestic   
digital currency in the country '''     
,this currency would facilitate the     
transfer of money 7to and from7 anywhere
 in the world4 ,besides1 it can help us 
at the time of sanctions44  7#d7 ,in    
,october #bjah1 the head of the ,civil  
,defense ,organization of ,iran stated  
that cryptocurrencies can help bypass   
certain sanctions through untraceable   
banking operations4  #cjc4 ,prohibition 
on transactions related to1 provision of
 financing for1 and other dealings in   
,iranian digital currency  7a7 ,in      
general ,all transactions related to1   
provision of financing for1 and other   
dealings in ,iranian digital currency by
 a ,united ,states person or within the 
,united ,states are prohibited4  7b7    
,penalties ,the penalties provided for  
in subsections 7b7 and 7c7 of section   

#bjf of the ,international ,emergency   
,economic ,powers ,act 7#ej ,u4,s4,c4   
#agje7 shall apply to a person that     
knowingly violates1 attempts to violate1
 conspires to violate1 or causes a      
violation of subsection 7a7 to the same 
extent that such penalties apply to a   
person that knowingly commits an        
unlawful act described in section       
#bjf7;a7 of such ,act4  #cjd4 ,sanctions
 with respect to foreign persons that   
engage in significant transactions for  
the sale1 supply1 or transfer to ,iran  
of significant goods or services used in
 connection with the development of     
,iranian digital currency ,the          
,president shall impose #e or more of   
the sanctions described in section      
#f7;a7 of the ,iran ,sanctions ,act of  
#aiif 7,public ,law #ajd-agb2 #ej       
,u4,s4,c4 #agja note7 with respect to   
any foreign person that the ,president  
determines knowingly engages1 on or     
after the date of the enactment of this 
,act1 in a significant transaction for  

the sale1 supply1 or transfer to ,iran  
of significant goods or services1 or    
technological support1 used in          
connection with the development of      
,iranian digital currency4  #cje4       
,sanctions with respect to foreign      
persons that conduct or facilitate      
significant transactions related to the 
purchase or sale of ,iranian digital    
currency or maintain significant amounts
 in ,iranian digital currency  7a7 ,in  
general ,the ,president may impose the  
sanctions described in subsection 7b7   
with respect to a foreign person if the 
,president determines that the foreign  
person1 on or after the date of the     
enactment of this ,act--  7#a7 knowingly
 conducts or facilitates any significant
 transaction related to the purchase or 
sale of ,iranian digital currency or a  
derivative1 swap1 future1 forward1 or   
other similar contract the value of     
which is based on the exchange rate of  
,iranian digital currency2 or  7#b7     
maintains significant amounts           

denominated in ,iranian digital currency
 outside the territory of ,iran4  7b7   
,sanctions described ,the sanctions to  
be imposed on a foreign person under    
this subsection are the following3 7#a7 
,correspondent and payable-through      
account limitations ,with respect to any
 digital currency exchange subject to   
sanctions under subsection 7a71         
prohibiting the opening1 and imposing   
strict conditions on the maintaining1 in
 the ,united ,states of a correspondent 
account or payable-through account by   
the digital currency exchange4  7#b7    
,blocking of property ,blocking and     
prohibiting all transactions in all     
property and interests in property of   
the foreign person if such property and 
interests in property are in the ,united
 ,states1 come within the ,united       
,states1 or are or come within the      
possession or control of a ,united      
,states person4  7#c7 ,visa ban ,with   
respect to a foreign person who is an   
alien1 inadmissibility to the ,united   

,states and ineligibility to receive a  
visa or other documentation to enter the
 ,united ,states4  7c7 ,exception ,to   
comply with united nations headquarters 
agreement and other international       
obligations ,the sanctions under        
subsection 7b77#c7 may not be imposed on
 an individual if admitting that        
individual to the ,united ,states is    
necessary to permit the ,united ,states 
to comply with the ,agreement regarding 
the ,headquarters of the ,united        
,nations1 signed at ,lake ,success ,june
 #bf1 #aidg1 and entered into force     
,november #ba1 #aidg1 between the       
,united ,nations and the ,united        
,states1 or with other applicable       
international obligations4  #cjf4       
,report on progress of ,government of   
,iran in creating a sovereign           
cryptocurrency  7a7 ,in general ,not    
later than #abj days after the date of  
the enactment of this ,act1 the         
,secretary of the ,treasury shall submit
 to ,congress a report on the status of 

the progress of the ,government of ,iran
 in creating a sovereign cryptocurrency4
  7b7 ,elements ,the report required by 
paragraph 7#a7 shall include the        
following3 7#a7 ,an assessment of the   
progress of the ,government of ,iran in 
creating a sovereign cryptocurrency4    
7#b7 ,a description of the technical    
details of what is being developed1     
including whether the ,government of    
,iran intends to--  7,a7 fork an        
existing blockchain or create a new one2
  7,b7 make the blockchain open or      
closed2 or  7,c7 involve the ,central   
,bank of ,iran4  7#c7 ,an assessment of 
the state and non-state actors that are 
assisting the ,government of ,iran in   
creating a sovereign cryptocurrency1    
including the governments of the        
,people's ,republic of ,china1 the      
,russian ,federation1 the ,bolivarian   
,republic of ,venezuela1 and the        
,republic of ,turkey4  7#d7 ,an         
assessment of the effect that successful
 development1 deployment1 and           

maintenance by the ,government of ,iran 
of a sovereign cryptocurrency would have
 on the effectiveness of existing       
,united ,states sanctions with respect  
to ,iran4  7#e7 ,an assessment of the   
technology and infrastructure that the  
,government of ,iran would need to      
develop1 deploy1 and maintain a national
 digital currency1 including a          
cryptocurrency4  7#f7 ,an identification
 of the countries that have agreed to   
assist the ,united ,states in blocking  
efforts to bypass or evade ,united      
,states sanctions relating to ,iran or  
bypass or evade countermeasures and risk
 mitigation practices outlined by the   
,financial ,action ,task ,force4