US Senator Elizabeth Warrenis preparing to introduce a new bill that would allow the Treasury Department to ban exchanges that facilitate transactions for Russian crypto wallets.
The bill being introduced also requires the Joe Biden administration to identify “foreign digital actors who make it easier to avoid sanctions against Russia.” According to the introduced bill, the administration will also have the authority to impose sanctions on crypto holders who evade sanctions.
Warren, a Democrat from Massachusetts, introduced the bill with Senators Mark Warner (D-VA), Jack Reed (D-RI) and Jon Tester (D-MT).
Warren noted in the press release:
“Russian President Vladimir Putin and his followers can move, store and store their wealth using cryptocurrencies. This, in turn, potentially allows the United States and its partners around the world to evade the economic sanctions that Russia has imposed in response to its war against Ukraine.
I am pleased to introduce the Digital Asset Sanctions Compliance Improvement Act with my colleagues to strengthen our sanctions program and close all avenues of Russian avoidance.”
Representative Brad Sherman, a Democrat from California, said at a new House of Financial Services Committee meeting that he plans to introduce an “accompanying bill” to the House of Representatives as well.
for a long time Bitcoin (BTC) and crypto critic Sherman added that the bill would allow President Joe Biden’s administration to ban transactions for Russian-based crypto wallets “until this crisis is over.”
Cryptocurrency exchange executives have publicly backed down on calls from Russian customers to cut services. For example, Kraken CEO Jesse Powell stated on Twitter that despite his deep respect for the Ukrainian people, his exchange would not freeze the accounts of Russian customers without a legal obligation.