US Senator Rolls Out Bill To Cease Exchanges If They Serve Russian Wallets

Elizabeth Warren, Senator of United States, is initiating a latest bill which will allow Department of Treasury to ban cryptocurrency exchanges in case they serve Russia.
A Californian Democrat, Rep. Brad Sherman, states that he is also strategizing to initiate a “companion bill” in House of Representatives.
As of this writing, entire cryptocurrency market had a market capitalization of $1.8 Trillion, with Bitcoin sitting on the top.

Stay Away From Russia

E#lizabeth Warren, United States Senator, is initiating a latest bill which will allow Treasury Department to cease exchanges from offering their services to Russian cryptocurrency wallets.

This bill will also need Biden administration to recognize foreign virtual actors offering services to evade sanctions against Russia.

Administration will be authorized to sanction cryptocurrency holders who are trying to avert sanctions, as per document issued by Warren’s office.

Massachusetts Democrat, Elizabeth Warren rolled out this bill with Senators Jon Tester (D-MIT), Jack Reed (D-RI), and Mark Warner (D-VA).

Elizabeth Warren stated in a press release that, Vladimir Putin, President of Russia, and his cronies could take mobilize, keep and conceal their wealth utilizing crypto assets, potentially enabling them to avert historic Russian sanctions which United States and its partners all over the globe have put on Russian invasion on Ukraine.

Warren is glad to initiate Digital Asset Sanctions Compliance Enhancement Act with colleagues to making their sanctions program robust, and seal any gateways serving as an aversion for Russia.

A California Democrat, Rep. Brad Sherman, states in a latest House Committee regarding Financial Services meeting that he also strategizes to initiate a “companion bill” in House of Representatives.

Brad Sherman, a longtime cryptocurrency and Bitcoin critic, additionally said that, bill will allow President Biden’s administration to cease cryptocurrency transactions for digital asset wallets based in Russia “until this havoc is over.”

Virtual assets exchange execs have openly pushed back against calls to disconnect facilities from Russian clients.

Kraken To Keep Operating in Russia

Jesse Powell, Chief Executive Officer of Kraken, stated on Twitter that in spite of deep respect towards Ukraine, they will continue their operations in Russia, and will not cease any account of their Russian clients without a legitimate requirement to do so.

1/6 I understand the rationale for this request but, despite my deep respect for the Ukrainian people, @krakenfx cannot freeze the accounts of our Russian clients without a legal requirement to do so.
Russians should be aware that such a requirement could be imminent. #NYKNYC https://t.co/bMRrJzgF8N
— Jesse Powell (@jespow) February 28, 2022

He stated that, that requirement might come from their own government, as witnessed in Canada, is a reaction to protests, bank runs, and efforts to escape nation. It may come from foreign actors, like United States, as a weapon to turn citizens of Russia against its authorities’ policies.

For what it’s worth, she believes that a broader majority of cryptocurrency holders on Kraken are anti-war. Bitcoin is an incarnation of libertarian values, which robustly favors human rights as well as individualism. In Canada, cryptocurrency was only monetary rail left for those who are against regime.

This bill might become an addition to obstacles faced by Russia, as it is looking to win this war initiated by President Vladimir Putin.