Senator Warren expressed about her upcoming crypto draft bill. In her upcoming crypto bill, She wants the local exchanges to provide detailed records to the treasury department of customer identities, also to make sure that crypto is not used by Putin and his supporters.
Why Has She Prepared A New Crypto Draft Bill?
After the attack of Russia on Ukraine the United States and EU authorities are taking all possible initiatives against Russia, to teach Russia an unforgettable lesson.
And for that recently the FinCEN Alert has also been sent by United States authorities to all the financial organizations. To stay alert against the possibilities of Russia to avoid the sanctions imposed by the US.
As well, the European Commission also Kicked out the International Russian financial system and important banks of Russia from the SWIFT, a messaging network. Additionally, the international authorities took some important initiatives against Russia.
Well, aside from all these bans and sanctions imposed on Russia. Senator Elizabeth Warren intends to present a new crypto bill which she has prepared as a draft.
Senator Warren also tweeted against Russia on March.8 2022. And tweeted to illustrate her new crypto draft bill details in an interview with NBC News Anchor, Andrea Mitchelle
As per the NBC report, Senator Warren has expressed that In Warren’s crypto draft bill One of the provisions will require crypto exchanges. To provide detailed records to the Treasury Department of customers‘ identities and transfers to private crypto wallets.
Additionally, as per Senator Warren about her crypto bill draft, the aim is to “force companies to select between doing business in the United States or with sanctioned individuals and organizations by threatening secondary sanctions on foreign crypto exchanges.”
Moreover, the American president, Joe Biden’s authorities, has applied sanctions on the central bank of Russia, and the defense industry, as well as, on the president of Russia and all the people connected with him.
The United States imposed these sanctions to punish Russia. Also, for the past two weeks the deputy minister of digital transformation of Ukraine has been requesting from cryptocurrency exchanges to block Russian crypto users.
But the biggest names of crypto exchanges like Binance, CoinBase, and Kraken stated that they will not apply a complete ban. However, they are following their commitment to being cooperative with the United States sanctions.
Final Thoughts:
Back in 2021 senator Elizabeth warren has marked decentralized finance or DeFi as the most dangerous portion of crypto.
And now this new crypto bill that she has prepared on crypto and sanctions. As senator warren expressed that her new bill consists of the local exchanges to provide detailed records to the treasury department of customer identities and make sure crypto is not used by the Russian president, his friends, and around his circles.
You must dare to express your thoughts in the comment below about Senator Elizabeth Warren’s new initiative through this new bill draft.
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