Senator Warren Support Ukrainian People by Sponsoring Digital Asset Sanctions Bill

  • Digital Asset Sanctions Compliance Enhancement Act of 2022 has been introduced in Congress as a draft bill
  • Bill intent to restrict evasion of sanction by Russia using Digital Assets and Cryptocurrencies
  • Senator attempt to ringfence loopholes in the crypto ecosystem will go a long way in supporting the humanitarian cause of Ukrainian people

Senator Elizabeth Warren is a strong progressive voice in the United States, arguing for major structural changes that would overhaul the US economy and re-establish the middle class.

She has a bold plan to end lobbying and make other significant changes to eliminate money’s power in the federal government by enacting the most comprehensive anti-corruption legislation since Watergate. Senator Warren wants to impose a $2.75 trillion ultra-millionaire tax on fortunes worth more than $50 million over ten years to fund universal child care, student debt relief, and the Green New Deal.

Senator Warren wants to solve the country’s housing issue, as well as criminalising corporate CEOs implicated in scams and lowering drug cost.

Senator Elizabeth Warren is also well-known for her strong opposition to the cryptocurrency business. The ‘Digital Asset Sanctions Compliance Enhancement Act of 2022’ has been introduced in Congress as a draft bill. Bill poses a threat to the cryptocurrency industry in the United States. Senator Elizabeth Warren is one of the bill’s sponsors along with other members of Congress.

Global firms have frozen their contacts with Russia in response to the Russian attack on Ukraine. Major multinational corporations have indicated that they will cease and desist from operating in Russia. International sanctions are intensifying, with the clear purpose of isolating Moscow.

Draft Regulations provides for imposition of sanctions with respect to the use of cryptocurrency for facilitating transactions to Russian persons who are subject to sanctions. Under the bill president has to report to the congress identifying foreign person who operates a digital asset trading platform or facilitates or sponsors or provides any support whether financial, material or technological to any person on whom sanctions are applicable with respect to Russia. Under the bill President will have the responsibility to block and prohibit all such transactions

Cropped Approved CFF

Under the Bill, The Secretary of the Treasury will have the responsibility that no digital asset trading platform or digital asset transaction facilitator doing business in the United States may transact with, or fulfil transactions of, digital asset addresses that are known to be, or could reasonably be known to be, affiliated with persons headquartered or domiciled in the Russian Federation.

Though the Bill may create challenges for Crypto Industry, intention behind the bill is absolutely noble and harbours intent to restrict the Russian money entering financial system using the assistance of digital assets and cryptocurrencies for avoiding sanctions. Senator Elizabeth Warren is standing with the common people i.e. the people in the main street. Her attempt to ringfence loopholes in the crypto industry will go a long way in supporting the humanitarian cause of Ukrainian people.

Bureau Galactik Views

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