US Congress proposed to ban exchanges from facilitating crypto transactions by Russians

If the bill is approved, the US Treasury Department will impose new restrictions on citizens of the Russian Federation

02.05.2022 - 09:30

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What’s new? US Congressman Brad Sherman’s website has published a bill that is designed to ban access to cryptocurrencies for Russians. In addition, the authorities plan to collect the data of US taxpayers who conduct cryptocurrency transactions of more than $10 000.

The full version of the document

What innovations can be introduced? The bill includes information on banning US and foreign cryptocurrency exchanges from facilitating transactions with cryptocurrency addresses in Russia. In addition, the US president’s authority can be expanded by allowing restrictions to be imposed on foreign platforms that facilitate transactions by Russian entities and sanctioned individuals.

What happened before? On April 29, the Blockchain Association, a lobbying group representing more than 70 cryptocurrency platforms, opposed crypto sanctions against Russians. Policy chief Jake Chervinsky said that the US authorities’ bills were not aimed against Russian oligarchs, but US cryptocurrency companies.

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