In brief

  • Senator Elizabeth Warren has proposed a new bill that enhances the U.S. government’s ability to clamp down on Russian cryptocurrency use.
  • The bill also has a provision that requires U.S. taxpayers to report certain types of crypto transactions.

As Russia’s invasion of Ukraine continues, U.S. Senator Elizabeth Warren has proposed a new bill that would enhance and expand enforcement of sanctions against the country, its entities, and individuals, specifically when it comes to use of cryptocurrency.

The Digital Asset Sanctions Compliance Enhancement Act of 2022 was introduced by the Massachusetts senator today during a Senate Banking Committee hearing. The bill sharpens the ability for President Joe Biden and the U.S. government to act against exchanges that transact with Russian addresses, among other provisions.

Warren, long a vocal critic of crypto, teased last week on Twitter that she was working on a bill to “ensure crypto isn’t used by Putin and his cronies to undermine our economic sanctions.”

The proposed bill would give U.S. Treasury Secretary Janet Yellen “clear authority” to block U.S.-based cryptocurrency exchanges and payments operators from facilitating transactions with wallets that are known or reasonably believed to be based out of Russia.

Additionally, the bill gives Biden the ability to issue secondary sanctions against Russian actors that help people and entities in the country evade sanctions via cryptocurrency.

The bill also has a provision that could hit closer to home for some U.S. crypto users, however. It would require any…


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