- Democrat U.S. senators strive for The Digital Asset Sanctions Compliance Act to enable President Biden to sanction foreign crypto firms doing business with sanctioned Russian entities and prevent them from transacting with U.S. customers amid the country's Ukraine invasion.
- The bill could ramp up pressure on misuse of crypto exchanges to circumvent Western sanctions imposed on Russia, Reuters reports.
- Also Read: More US Companies Join In Restricting Products and Services In Russia
- Senator Elizabeth Warren believes Russian President Vladimir Putin can move, store and hide their wealth using cryptocurrencies, potentially allowing them to evade the historic economic sanctions the U.S. and its partners.
- The bill will also help the Treasury secretary block digital asset platforms operating in the U.S. like Coinbase Global Inc (NASDAQ:COIN) from transacting with any Russian crypto users.
- Price Action: COIN shares traded higher by 2.82% at $182.21 on the last check Friday.
