.SenWarren is preparing a bill to make it more difficult for entities to use cryptocurrency to circumvent economic sanctions. By NelWang
, which was the first to report on Warren's proposed bill, one of its provisions would make it easier to verify customer identities and transfers to private wallets by requiring financial institutions to log detailed records and submit reports to the Treasury Department.to Treasury Secretary Janet Yellen asking about how the Treasury Department plans to enforce economic sanctions within the cryptocurrency industry.
“Strong enforcement of sanctions compliance in the cryptocurrency industry is critical given that digital assets, which allow entities to bypass the traditional financial system, may increasingly be used as a tool for sanctions evasion,” the senators wrote.