Brad Sherman will introduce a bill in parliament to stop U.S. businesses from conducting crypto transactions for Russian banks and individuals. Speaking to a congressional finance committee on Thursday at a hybrid labeling meeting; Sherman said he would submit a bill to Senator Elizabeth Warren; that would give the Biden administration explicit authority to require cryptocurrency exchanges in the U.S. to be subject to cryptocurrencies. Warren first announced the bill on March 8; Later told a Senate Banking Committee hearing that he would present the bill Thursday.
The text of any of the bills is not available at publication with congressional records. However, the legislation proposed by Warren would reportedly give the Treasury Department authority, Including suspending cryptocurrencies under U.S. jurisdiction. Also, process transactions from any crypto address belonging to Russian citizens. In addition, U.S. taxpayers must report any cryptocurrency outside the country, Which exceeds $10,000 in the Financial Crimes Enforcement Network, or FinCEN. Consequently, crypto exchanges doing business in the U.S. will not be able to do business with Russia until the current events are over.
Crypto and Russian Wallets
Sherman, who has previously made several anti-cryptographic statements, including a request to ban digital assets; Mentioned the Minister of Digital Transformation of Ukraine, who asks all exchanges to block the addresses of Russian users; It appears to have imposed sanctions on named individuals and businesses without restriction, in line with U.S. and E.U. sanctions.
Binance chief executive said the firm would enforce the sanctions; However, it does not block transactions related to all Russian cryptocurrencies. The Kraken executive noted that there should be a legal requirement for the exchange to freeze Russian accounts. According to a representative of Binance, the business will not freeze the accounts of millions of users unilaterally. Crypto aims to provide more financial freedom for people around the world.
The founder of the Ukrainian Kuna crypto exchange, Michael Chobanian, said on Thursday that the platform stopped all support for the Russian ruble.
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