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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.