The US Congress will consider a bill banning the use of cryptocurrencies to circumvent sanctions – Bits Media

Massachusetts Senator to Introduce Bill to Congress, blocking the ability to fight anti-Russian sanctions using crypto assets.

Elizabeth Warren (Elizabeth Warren) in the text of his project, he proposes to require American cryptocurrency exchanges and financial institutions provide the US Department of the Treasury with detailed information about the identities of clients and transfers of funds to private cryptocurrency wallets.

Warren assures, that her bill would prevent Russian authorities and other users from using digital assets to circumvent economic sanctions. According to the media, Financial Crimes Agency (FinCEN) is also working on developing similar requirements.

Warren's bill also implies, that companies will have to choose between doing business in the US and serving individuals, under sanctions. Recently, the Kraken cryptocurrency exchange announced, that he is not going to introduce a complete ban for Russian users, however, it will be forced to freeze their accounts if there is a legal requirement.

Elizabeth Warren became a senator, who last week sent a letter to Treasury Secretary Janet Yellen (Janet Yellen) regarding tightening regulation of cryptocurrencies. They requested information from the Ministry of Finance about, what actions is the department taking?, to make it more difficult for countries on the sanctions list to use cryptocurrencies.

Warren has long been skeptical of the crypto industry. Last year the senator said, that stablecoins and DeFi protocols pose a threat to the American economy.

Recently, the Chairman of the US Federal Reserve (FRS) Jerome Powell (Jerome Powell) and several members of the US House of Representatives also called for speeding up regulation of the industry.