One of the provisions of this bill, by making it mandatory to record records in full detail and submit a report, makes it possible to identify users and their transactions to private wallets. According to Warren, these measures are designed to prevent Putin and those under sanctions from circumventing the sanctions.
Sen. Elizabeth Warren is preparing a bill to make it more difficult to use cryptocurrencies to circumvent sanctions. Warren wrote on Twitter on Tuesday that his new bill would ensure that Putin and his allies could not use cryptocurrencies and ignore economic sanctions. According to NBC News, which reported on Warren before other news agencies, one of the provisions of the bill, by requiring financial institutions and cryptocurrencies to record accurate records and report to the Treasury Department, would help identify customers and their transactions. Make personal wallets easier. Another goal of the bill is to require companies to choose between operating in the United States or doing business with individuals or entities under sanctions. However, with Republicans in control of the Senate, the bill is unlikely to pass. Last week, Warren and three other Democratic senators wrote letters to Treasury Secretary Janet Yellen asking questions about the ministry’s plans to impose economic sanctions on the cryptocurrency industry. The senators’ letter reads: Given that cryptocurrencies allow various institutions to circumvent the traditional financial system and may be used as a tool to evade sanctions, it is important to enforce sanctions-related laws in the cryptocurrency industry. Biden’s executive order on cryptocurrencies was due to be released this week, but before that, by coincidence, the US Treasury Department issued a statement ahead of schedule. This statement was deleted quickly but the text has been published on other websites. After that, the price of Bitcoin increased by 5% in less than an hour to $ 4,500. Resources : MIhanblockchain.com coindesk.com medium
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