Senator Elizabeth Warren drafts bill to target use of crypto by sanctioned Russians
“Criminals can use cryptocurrency to move money in the shadows, opening a door for Putin & his cronies to evade economic sanctions,”Warrenin a tweet Tuesday afternoon. “I want answers from @USTreasury on how they'll ensure crypto doesn’t undermine our response to Russia's invasion of Ukraine.”
While the bill’s text hasn’t been released yet, NBC reports that one of the provisions is identical to a proposed Treasury Department rule that requires banks to regularly identify suspicious transactions that it believes is linked to sanctions evasion. If passed, the legislation would codify the rule.
Lawmakers are worried that the Treasury Department’s Office of Foreign Assets Control lacks the muscle to hunt down crypto criminals. Aby Warren and three other Senate Democrats asks the Treasury Department to list ways it plans to counter sanctions evasions through crypto platforms, including how it plans to work with foreign governments.
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