Brad Sherman, United States Representative talking about the bill.
Previously, Sherman has several anti-crypto statements.
Including calling for a ban on digital assets, cited Ukraine’s Minister of Digital Transformation asking for all exchanges.
He is about to block addresses of Russian users.
Without restricting the ban to individuals and businesses named in U.S. and EU sanctions.
Sherman convey his thought about the Biden administration should have the ability to tell crypto exchanges.
Especially not to do “business with Russia-based crypto wallets” amid the situation with Ukraine.
Then Sherman will be introduce a bill in the House.
The bill aims to cracking down on U.S. businesses handling crypto transactions for Russian banks and individuals.
At a hybrid markup meeting with the House Financial Services Committee, Sherman talk about the bill.
He will be introduce a companion bill to Senator Elizabeth Warren’s legislation that would give the Biden administration.
“explicit authority to require that crypto exchanges that are subject to U.S. law stop facilitating transactions with Russian-based crypto wallets.”
Neither bill’s text is available through congressional records at the time of publication.
However, Warren’s proposed legislation would reportedly give the Treasury Department the authority.
The autorithy of to stop crypto exchanges under U.S. jurisdiction from processing transactions from any crypto addresses belonging to Russian nationals.
In addition, U.S. taxpayers required to report any crypto transactions outside the country exceeding $10,000 to the Financial Crimes Enforcement Network, or FinCEN.
As cited from cointelegraph Sherman also said that;
“[I] look forward to joining with my colleagues to make sure that one of the tools available to the administration is the ability to tell crypto exchanges. If they’re doing business in the United States, they can’t do business with Russia-based crypto wallets until this crisis is over.”
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