Senator Elizabeth Warren has introduced new legislation. It aims at Russian cryptocurrency users. During a Senate Banking Committee hearing on March 17, Warren announced the introduction of the “Digital Asset Sanctions4Compliance Enhancement Act.” The bill has the support of ten other Democratic senators. It includes the chairs of the Foreign Relations and Agriculture Committees, but not of the Banking Committee, which is chaired by Sherrod Brown.
Senator Warren’s bill was examined by Coin Center. After the examination, it was discovered that software developers, miners, and node operators would be directly impacted. We are fortunate to have quick responses from the CoinCenter team. Some of the key points from Jerry Brito, Executive Director of Coin Center, and Valken burgh, Director of Research at Coin Center, have been mentioned in this article.
They both commented that “This Bill would place sweeping restrictions on persons who build, operate, and use cryptocurrency networks even if they have no knowledge or intent to help evade sanctions though the Administration’s own experts have repeatedly said cryptocurrency evasion is not serious”
Further, they commented that “We should not force Americans to inspect every packet of data their computers send or receive on the open internet for “Russianess” and it is equally absurd and offensive to human rights that we’d force Americans to do so with regard to open blockchain data. This proposed legislation is dangerously overreaching and opportunistic. It will do nothing to improve sanctions against the Russian war machine and may even increase the Russian government’s ability to isolate and control those within their borders who do not support the war.”
She is urging Congress to pass legislation that would have a significant impact on the crypto and Bitcoin markets. Senator Warren has turned against Bitcoin and cryptocurrency in general. She has taken a stance against the people. Her ill-conceived bill would target anyone who “interacts with Russians” through their nodes, software, or mining operations.
This bill would strangle an industry that, like the internet, cannot prevent people from using its systems. This bill is a dangerous assault on cryptocurrency and Bitcoin. This bill would have a direct impact on business owners who have invested significant resources and time in building the future.