Representative Brad Sherman will be introducing a bill in the House aimed at cracking down on U.S. businesses handling crypto transactions for Russian banks and individuals.
Speaking at a hybrid markup meeting with the House Financial Services Committee on Thursday, Sherman said he will be introducing a companion bill to Senator Elizabeth Warren’s legislation that would give the Biden administration “explicit authority to require that crypto exchanges that are subject to U.S. law stop facilitating transactions with Russian-based crypto wallets.” Warren first announced the legislation on March 8, later saying during a Senate Banking Committee hearing she will be introducing the bill on Thursday.
Neither bill’s text is available through congressional records at the time of publication. However, Warren’s proposed legislation would reportedly give the Treasury Department the authority to stop crypto exchanges under U.S. jurisdiction from processing transactions from any crypto addresses belonging to Russian nationals. In addition, U.S. taxpayers would be required to report any crypto transactions outside the country exceeding $10,000 to the Financial Crimes Enforcement Network, or FinCEN.
“[I] look forward to joining with my colleagues to make sure that one of the tools available to the administration is the ability to tell crypto exchanges if they’re doing business in the United States, they can’t do business with Russia-based crypto wallets until this crisis is over,” said Sherman.