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US Senator Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions
One of the provisions would make it easier to verify customer identities and transfers to private wallets by enforcing detailed record keeping and reporting, according to NBC News.
Sen. Elizabeth Warren (D-Mass.) is preparing a bill to make it more difficult to use cryptocurrency to circumvent sanctions.
- In a tweet on Tuesday, Warren says her new bill will “ensure crypto isn’t used by Putin and his cronies to undermine our economic sanctions,” referring to Russian President Vladimir Putin.
- According to NBC News, which was the first to report on Warren's proposed bill, one of its provisions would make it easier to verify customer identities and transfers to private wallets by requiring financial institutions to log detailed records and submit reports to the Treasury Department.
- Warren and three other Democratic senators sent a letter last week to Treasury Secretary Janet Yellen asking about how the Treasury Department plans to enforce economic sanctions within the cryptocurrency industry.
- “Strong enforcement of sanctions compliance in the cryptocurrency industry is critical given that digital assets, which allow entities to bypass the traditional financial system, may increasingly be used as a tool for sanctions evasion,” the senators wrote.
STORY CONTINUES BELOW
Read more: Crypto Still Isn't Helping Russian Oligarchs Evade Sanctions
UPDATE (March 9, 1:03 UTC):Adds context in third bullet point.
UPDATE (March 9, 17:10 UTC): Removes reference to the Republican party controlling the U.S. Senate. Currently, the Democrats control the Senate.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
