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Crypto restriction

Senator Warren Introduces Bill to place restriction on crypto transactions with Russia

US Senator Warren has introduced a bill to restrict crypto transactions with Russian users to prevent Russian oligarchs from storing their wealth in crypto. 

Senator Elizabeth Warren introduces a bill they call the Digital Assets Sanctions  Compliance Enhancement Act. This bill put forward by Senator Elizabeth Warren (D-MA) is set to restrict crypto exchanges and investors from doing business with Russia. 

The bill titled the Digital Assets Sanctions Compliance Enhancement Act, introduced on Thursday during the senate hearing would require the Biden administration to identify “any foreign person” using a crypto exchange or facilitate crypto transactions in support of sanctioned Russian individuals. 

Also, crypto exchanges across the US are required not to transact with crypto addresses “affiliated with persons headquartered or domiciled in the Russian Federation,” as demanded by the government.

RELATED: Starling Bank will lift crypto restrictions on June 23

Democrats in support of Warren’s Bill

Senator Warren’s bill is already gaining support from the Democrats as she argued in a tweet that the U.S “cannot allow Putin [and] his cohorts to hide their wealth [and] evade economic sanctions using cryptocurrency.” 

Following her statement, several other Democratic senators are speaking in support of the bill, including Jon Tester (D-MT), Mark Warner (D-VA), and Jack Reed (D-RI).

The new bill follows a chain of recent sanctions issued against Russia by the US, the European Union and several other parts of the world. However, crypto exchanges seem hesitant to impose restrictions on Russians unless sanctions specifically require that. Binance has insisted that standard KYC/AML Identification rules are adequate standards while Kraken has also refused to take any extra action. 

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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