U.S. Congress proposes comprehensive sanctions: "Do not do business with Russian cryptocurrency wallets!"

U.S. Congressman Brad Sherman, who has expressed skepticism towards cryptocurrencies, is planning to introduce a bill that would restrict U.S. companies from engaging in transactions with Russian banks and individuals involving cryptocurrencies. The bill would require the cutting off of any potential transactions with Russian cryptocurrency wallets. Sherman stated that in the current Russia-Ukraine situation, the Biden administration should have the authority to demand cryptocurrency exchanges to "not do business with Russian cryptocurrency wallets."

U.S. Congressman Brad Sherman, who has been skeptical of cryptocurrencies, is planning to introduce a bill that would restrict American companies from engaging in cryptocurrency transactions with Russian banks and individuals. The proposed legislation would require cutting off any potential transactions with Russian cryptocurrency wallets. Sherman stated that in the current Russia-Ukraine conflict, the Biden administration should have the authority to demand cryptocurrency exchanges to "not do business with Russian cryptocurrency wallets."

Sherman's proposal would empower the Treasury Department to mandate cryptocurrency exchanges to block all transactions with Russian wallets. He mentioned, "I will introduce complementary legislation in the House and look forward to ensuring that one of the tools available to the government is to inform cryptocurrency exchanges that they cannot do business with Russian cryptocurrency wallets until this crisis is over."

According to a previous report by The Block, Sherman has already introduced a measure targeting Russians who use cryptocurrencies for sanctions. However, he did not elaborate on the specifics of the sanctions.

Although there is currently no direct evidence showing that Russia is using cryptocurrencies to evade sanctions, the U.S. public opinion has leaned towards supporting such measures. However, cryptocurrency exchanges have shown some reservations. Binance CEO Changpeng Zhao stated that the company will comply with sanctions but will not block transactions related to all Russian cryptocurrency wallets. Kraken CEO Jesse Powell mentioned that exchanges must have legal requirements to freeze Russian accounts.

This article is authorized for reposting from Horizon Next Sumari