U.S. Senator Elizabeth Warren, known for her anti-cryptophobia, introduced a bill that would prevent Russia from circumventing sanctions using crypto.
Warren announced the passage of the “Digital Asset Sanctions Compliance Improvement Act” during the Senate Banking Committee session on March 17.
Warren said during the session:
“The crypto industry claims that the Russians cannot use crypto to hide their wealth”
Although the bill is not yet in the Congressional filing , The Block has obtained a final copy of the draft. The draft gives the Treasury a comprehensive mandate to prevent crypto service providers, such as exchanges, from transacting with any address associated with Russia.
The bill creates a broad definition specifically for “digital asset transaction facilitators”. This stands out as a section that is likely to lead to opposition from the crypto industry. Digital asset transaction facilitators are defined in the bill as:
“Such entities significantly and materially facilitate the purchase, sale, loan, borrowing, exchange, storage, verification or creation of digital assets. ”
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