USA: Democrats want to prevent cryptocurrency deals by Russian oligarchs

USA: Democrats want to prevent cryptocurrency deals by Russian oligarchs

Washington, 3/24/2022

Four Democratic U.S. senators have introduced a bill aimed at sanctioning foreign cryptocurrency firms that do business with blacklisted Russian companies.

https://www.warren.senate.gov/imo/media/doc/DASCEA%20final5.pdf

The Digital Assets Sanctions Compliance Enhancement Act would allow the U.S. president to place foreign-based crypto companies on a sanctions list if they help their customers evade U.S. sanctions.

Senator Elizabeth Warren (Massachusetts) has introduced the bill along with co-sponsors Jack Reed (Washington), Mark Warner (Virginia), Jon Tester (Mont) and others.

What do the politicians hope to accomplish with this bill?
– it aims to prevent Russian oligarchs from hiding their assets through crypto networks.
– by restricting cryptocurrency transactions, they hope to also prevent Russian state actors from circumventing U.S. government sanctions
– it would give the Treasury secretary the authority to prevent U.S. digital asset platforms from transacting with Russian crypto users

– it would require U.S. taxpayers to report offshore crypto transactions over $10,000.