,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #hbff  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #g1 #bjbd ,mr4   
,ca/5 7= himself1 ,mr4 ,fo/]1 ,mr4      
,%]man1 & ,mr4 ,cleav]7 introduc$ !     
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to place a #b-ye> moratorium on
 f9ancial in/itutions h&l+1 us+1 or     
transact+ ) funds r\t$ ?r\gh digital    
asset mix]s & to require ! ,secret>y ( !
 ,treasury to c>ry out a /udy ( digital 
asset mix]s1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,block*a9 ,integrity ,act4  #b4         
,moratorium on digital asset mix]s  7a7 
,moratorium  7#a7 ,9 g5]al ,dur+ !      
#b-ye> p]iod beg9n+ #f mon?s aft] ! date
 ( enactm5t ( ?is ,act1 x %all be       
unlawful = a f9ancial in/itution to     
h&le1 use1 or transact )--  7,a7 any    
incom+ funds t h be5 r\t$ ?r\gh a       
digital asset mix] op]at+ on a          
cryptographically secur$ di/ribut$ l$g]2
 &  7,b7 any outgo+ funds r\t$ directly 

to a digital asset mix] op]at+ on a     
cryptographically secur$ di/ribut$ l$g]4
  7#b7 ,en=cem5t  7,a7 ,9 g5]al ,!      
,secret>y ( ! ,treasury %all en=ce ?is  
section4  7,b7 ,civil p5alty ,!         
,secret>y ( ! ,treasury may impose a    
civil p5alty on any f9ancial in/itution 
t violates subsection 7a7 9 an am\nt n  
great] ?an #ajj1jjj = ea* violation4    
7b7 ,/udy by ,treasury ,! ,secret>y ( ! 
,treasury1 9 consultation ) !           
,securities & ,ex*ange ,commission1 !   
,commodity ,futures ,trad+ ,commission1 
! ,attorney ,g5]al1 & su* o!r dep>tm5ts 
& ag5cies z det]m9$ by ! ,secret>y ( !  
,treasury1 %all c>ry out a /udy (       
digital asset mix]s1 privacy co9s1 & o!r
 anonymity-enhanc+ te*nologies4  7c7    
,report ,n lat] ?an #ah mon?s aft] !    
date ( ! enactm5t ( ?is ,act1 !         
,secret>y ( ! ,treasury %all provide to 
! ,committee on ,f9ancial ,s]vices ( !  
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate a report1 to include a classifi$ 

annex1 if necess>y1 t conta9s all f9d+s 
made 9 c>ry+ out ! /udy "u subsection   
7b7 t analyzes ! foll[+ issues3  7#a7   
,curr5t typologies ( digital asset      
mix]s1 privacy co9s1 & o!r              
anonymity-enhanc+ te*nologies1 &        
hi/orical transaction volume4  7#b7     
,e/imates ( ! p]c5tage ( transactions 9 
p>agraph 7#a7 t are believ$ to be       
connect$1 directly or indirectly1 to    
illicit f9ance1 includ+ digital asset   
transaction volumes associat$ )         
sanction$ entities & entities subject to
 special measures pursuant to section   
#ecah;,a ( title #ca1 ,unit$ ,/ates     
,code1 & a description ( any limitations
 applicable to ! data us$ 9 su*         
e/imates4  7#c7 ,in=mation ab\t         
legitimate uses ( digital asset mix]s1  
includ+ transaction volumes associat$ ) 
paym5ts to j\rnali/s 9 au?orit>ian      
regimes1 donations to ! gov]nm5t (      
,ukra9e1 & = enhanc$ privacy & security 
purposes4  7#d7 ,! capacity ( !         
,f9ancial ,crimes ,en=cem5t ,network1 ! 

,(fice ( ,=eign ,assets ,control1 &     
,f$]al & ,/ate law en=cem5t ag5cies to  
track1 prev5t ! transf] (1 freeze1 &    
confiscate funds t h be5 process$ ?r\gh 
digital asset mix]s1 privacy co9s1 & o!r
 anonymity-enhanc+ te*nologies1         
includ+--  7,a7 g5]al e/imates reg>d+ ! 
numb] ( in/ances on an annual basis su* 
ag5cies 7 able to prev5t ! transf] (    
funds ?r\gh su* me?ods2 &  7,b7 ! ext5t 
to :i* su* ag5cies utiliz$ block*a9     
analytics firms :5 prev5t+ ! transf] (  
funds ?r\gh su* me?ods4  7#e7 ,new &    
em]g+ obfuscation tools & me?ods to     
r$uce transp>5cy on a cryptographically 
secur$ di/ribut$ l$g]4  7#f7 ,f9ancial  
inc5tives = relay]s or any o!r p>ty 9 ! 
process ( validat+ transactions on a    
cryptographically secur$ di/ribut$ l$g]1
 includ+ an assessm5t ( ! contractual   
relation%ip betwe5 relay]s & digital    
asset mix]s4  7#g7 ,regulatory approa*es
 employ$ by o!r jurisdictions to address
 illicit uses ( digital asset mix]s1    
privacy co9s1 & o!r anonymity-enhanc+   

te*nologies4  7#h7 ,recomm5dations =    
legislation or regulation to address !  
illicit uses ( digital assets1 includ+ )
 respect to--  7,a7 cov]$ nations1 z    
def9$ 9 section #dhgb7;d77#b7 ( title   
#aj1 ,unit$ ,/ates ,code1 & affiliat$   
actors2  7,b7 ,=eign ,t]rori/           
,organizations1 z designat$ by !        
,secret>y ( ,/ate1 & affiliat$ actors2  
7,c7 sanctions evasion by ,russian      
entities1 individuals1 & affiliat$      
actors2  7,d7 human traffick+ & ! sexual
 exploitation ( *ildr52  7,e7           
int]national traffick+ ( f5tanyl1       
f5tanyl precursors1 or o!r relat$       
opioids2  7,f7 organiz$ crime gr\ps 9   
,ea/ & ,s\!a/ ,asia2 &  7,g7 d>knet     
m>ketplaces4  7d7 ,def9itions ,9 ?is    
section3  7#a7 ,anonymity-enhanc+       
te*nologies ,! t]m anonymity-enhanc+    
te*nologies means s(tw>e1 products1 or  
s]vices t facilitate digital asset      
transactions ) enhanc$ anonymity1 z     
def9$ by ! ,f9ancial ,crimes ,en=cem5t  
,network4  7#b7 ,digital asset mix] ,!  

t]m digital asset mix] means a website1 
s(tw>e1 or o!r s]vice design$ to conceal
 or obfuscate ! orig91 de/9ation1 &     
c\nt]p>ties ( digital asset             
transactions4  7#c7 ,f9ancial in/itution
 ,! t]m f9ancial in/itution has ! mean+ 
giv5 ! t]m 9 section #ecab7;a7 ( title  
#ca1 ,unit$ ,/ates ,code4  7#d7 ,privacy
 co9 ,! t]m privacy co9 means a digital 
asset design$ to--  7,a7 h9d] trac+     
?r\gh di/ribut$ l$g]s2 or  7,b7 conceal 
or obfuscate ! orig91 de/9ation1 &      
c\nt]p>ties ( digital asset             
transactions4  7#e7 ,relay]s ,! t]m     
relay]s means a p]son1 entity1 s(tw>e   
program1 or p]son or entity op]at+ su*  
s(tw>e program1 t receives1             
communicates1 or o!rwise conveys blocks 
( transactions to a validator1 m9]1 or  
o!r entity t s]ves a simil> function4