The Digital Asset Sanctions Compliance Enhancement Act of 2022 is also designed “to impose sanctions with respect to the use of cryptocurrency to facilitate transactions by Russian persons subject to sanctions,” according to a summary of the bill.
Sen. Elizabeth Warren, who is a member of the powerful Senate Finance and Banking committees, recently told National Public Radio that the bill is supposed to give the Treasury Department the tools to step up its oversight of crypto platforms.
“Russian oligarchs can continue to use crypto to move their money around. So we’re just going to give Treasury the authorization to treat these crypto platforms much like the banks are treated. That is, you’ve got to know your customer and you can’t be dealing with people who are in violation of sanctions,” Sen. Elizabeth Warren said during an interview last month.
“It’s no surprise that the unregulated crypto industry has deep pockets and an army of lobbyists who are fighting against basic rules to keep consumers safe, but it’s shocking that they would also work to undermine U.S. national security and our sanctions regime against Russia,” Warren said in an emailed statement.
