Two bills have been introduced in Congress to ban US crypto exchanges from processing payments from Russia
The cryptocurrency industry is quietly lobbying US lawmakers against a law designed to prevent Russian oligarchs from using digital currencies to evade sanctions, writes CNBC.
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The Blockchain Association, a lobbying group representing more than 70 cryptocurrency platforms, including Ripple, Crypto.com, and Dragonfly Capital, is trying to convince Congress that wealthy Russians are not using cryptocurrencies to avoid sanctions.
The group is working with lobbying shop Forbes Tate Partners against legislation that would impose more sanctions on Russians who try to use cryptocurrency as a way to evade sanctions.
The bill would also allow the Treasury Secretary to block crypto trading platforms in the US from doing business with those based in Russia.
Two bills have been introduced in the US House of Representatives and Senate that would give the Biden administration the authority to ban US crypto exchanges from processing payments from Russia.
The bills would also allow US authorities to impose sanctions on foreign exchanges that process transactions by Russians or sanctioned companies.
The law poses a serious threat to an industry that critics say has become popular thanks to undercover operations because they cannot be tracked.
In essence, the bills would require digital currencies to be subject to some of the same rules that require banks to know their customers, fight money laundering and report suspicious transactions to regulators.
Earlier it became known that the US Treasury is introducing sanctions against Russian bitcoin miners. Read more crypto news at 24 biti codes