U.S. Democrats introduce bill to curb Russian crypto use amid Ukraine crisis
Democratic U.S. senators introduced a bill on Thursday that would enable the president to sanction foreign cryptocurrency firms doing business with sanctioned Russian entities and prevent them from transacting with U.S. customers. The Digital Asset Sanctions Compliance Act is led by Senator Elizabeth Warren and co-sponsored by 10 other Democrats, including Senators Mark Warner and Jon Tester. While the bill is unlikely to become law anytime soon, it could ramp up pressure on cryptocurrency exchanges, which have been on the defensive amid concerns from some lawmakers like Warren that digital assets are being used to circumvent a slew of Western sanctions imposed on Russia following its invasion of Ukraine. Russian President Vladimir Putin “and his cronies can move, store and hide their wealth using cryptocurrencies, potentially allowing them to evade the historic economic sanctions the U.S. and its partners across the world have levied in response to Russia’s war against Ukraine,” Warren said in a statement.