Is there a need to worry? United States Senator Elizabeth Warren is preparing a bill to crack down on the use of crypto to avoid economic sanctions.
United States Senator Elizabeth Warren is preparing a bill to crack down on the use of crypto as a way to avoid economic sanctions.
Warren’s latest anti-crypto move comes alongside a push from the U.S. government to stamp out the possibility of Russia using crypto to skirt aAccording to a Tuesday report from NBC News, one of the provisions of Warren’s new crypto bill — still in its draft form — will require local crypto exchanges to submit “detailed records” to the Treasury Department of customers‘ identities and transfers to private crypto wallets.
It also aims to “force companies to choose between doing business in the U.S. or with sanctioned people and entities by threatening secondary sanctions on foreign crypto exchanges.” The Treasury Department’s Financial Crimes Enforcement Network is also working toward drafting similar requirements based on Warren’s bill, according to NBC.
Ukraine‘s deputy minister of digital transformation Alex Bornyakov has been calling for crypto exchanges to ban Russian users for the past week or so. However, top crypto exchanges such as
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