Sen. Warren Announces Sanctions Compliance Bill For Crypto Companies (coindesk.com) 26
An anonymous reader quotes a report from CoinDesk: U.S. Sen. Elizabeth Warren (D-Mass.) announced Thursday a new bill to block cryptocurrency companies from conducting business with sanctioned companies. The Digital Assets Sanctions Compliance Enhancement Act, introduced with Sens. Jack Reed (D-R.I.), Mark Warner (D-Va.), Jon Tester (D-Mont.) and others, would allow the U.S. president to add non-U.S.-based crypto companies to sanctions list if they support sanctions evasion.
"This is a bill that would authorize the president to sanction foreign cryptocurrency firms that are doing business with sanctioned Russian entities and authorize the Secretary of Treasury to act," she said. According to a draft of the bill, the presidential administration would be tasked with identifying "any foreign person" who operates a crypto exchange or otherwise facilitates digital asset transactions who has also supported sanctions evasion by Russian individuals named to the Office of Foreign Asset Control's sanctions list. Moreover, the U.S. president could sanction these exchange operators unless there was a national security interest in not doing so. The U.S. Treasury secretary could also require that crypto exchanges operating in the U.S. not conduct transactions for, or otherwise work with, crypto addresses belonging to people based in Russia if this is deemed to be in the national interest. The Treasury secretary would have to report to Congress about this decision.
The bill seems to extend beyond just Russian sanctions. Another provision would authorize the Financial Crimes Enforcement Network (FinCEN) to identify users transacting with more than $10,000 in crypto. "Not later than 120 days after the date of enactment of this Act, the Financial Crimes Enforcement Network shall require United States persons engaged in a transaction with a value greater than $10,000 in digital assets through [one] or more accounts outside of the United States to file a report," the bill said. The Treasury secretary would also be tasked with identifying exchanges that could be at "high risk for sanctions evasion" or other crimes, and reporting these entities to Congress. "Any exchange included in the report may petition the Office of Foreign Assets Control for removal, which shall be granted upon demonstrating that the exchange is taking steps sufficient to comply with applicable United States law," the bill said.
"This is a bill that would authorize the president to sanction foreign cryptocurrency firms that are doing business with sanctioned Russian entities and authorize the Secretary of Treasury to act," she said. According to a draft of the bill, the presidential administration would be tasked with identifying "any foreign person" who operates a crypto exchange or otherwise facilitates digital asset transactions who has also supported sanctions evasion by Russian individuals named to the Office of Foreign Asset Control's sanctions list. Moreover, the U.S. president could sanction these exchange operators unless there was a national security interest in not doing so. The U.S. Treasury secretary could also require that crypto exchanges operating in the U.S. not conduct transactions for, or otherwise work with, crypto addresses belonging to people based in Russia if this is deemed to be in the national interest. The Treasury secretary would have to report to Congress about this decision.
The bill seems to extend beyond just Russian sanctions. Another provision would authorize the Financial Crimes Enforcement Network (FinCEN) to identify users transacting with more than $10,000 in crypto. "Not later than 120 days after the date of enactment of this Act, the Financial Crimes Enforcement Network shall require United States persons engaged in a transaction with a value greater than $10,000 in digital assets through [one] or more accounts outside of the United States to file a report," the bill said. The Treasury secretary would also be tasked with identifying exchanges that could be at "high risk for sanctions evasion" or other crimes, and reporting these entities to Congress. "Any exchange included in the report may petition the Office of Foreign Assets Control for removal, which shall be granted upon demonstrating that the exchange is taking steps sufficient to comply with applicable United States law," the bill said.
Don't rage, BTC bros (Score:1)
If this bill passes, it will likely cause a dip in the market. That's when you buy and HODL, because before you know it the gray clouds will pass and next stop - the moon!
(and for everyone not all-in on this energy sucking Ponzi-fest, that's why the good lord gave us michael_jackson_popcorn.gif)
Re: (Score:2)
Oooh. The sarcasm is sharp enough to cut onions.
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Trump always called her Pocahontas because she lied and told everyone she was Native American.
She did not lie. She was just wrong. Many families pass down stories about Indian ancestors that are often false.
My grandmother told me the same stories, yet when I had my DNA tested, the Native American percentage was exactly zero. But found out I am 15% Viking, which is pretty cool. I had no idea about that.
Warren agreed to have her DNA tested, and she released the results. She would not have done that if she knew the stories were not true.
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Warren is no different than Rachel Dolezal.
Warren’s 1986 registration card for the State Bar of Texas is a signed document in which she wrote that her race was “American Indian.” This supports the two critical charges against her: that she knowingly and personally claimed Native American heritage, and that she did so for the purpose of career advancement.
Harvard even touted her as the law school's "first woman of color" [politico.com].
She only agreed to get her DNA tested when the LIE blew up her politic
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She was like 1/128th native so, technically correct.
Limitless power breeds limitless corruption (Score:4, Insightful)
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You know someone that refers to a Senator in the US Congress as having 'limitless power' is completely off their rocker.
How can a law used to sanction cryto companies be used to suppress political dissidents, you ask? It can't really, unless you're a sanctioned body (that is, the government of the US has already decided via congressional action that you're untrustworthy) that wants to influence an election by using crypto to donate to your PAC of choice.
Utter nonsense.
Re:Limitless power breeds limitless corruption (Score:4, Informative)
How can a law used to sanction cryto companies be used to suppress political dissidents, you ask?
Most recent example was not too long ago: https://www.protocol.com/newsl... [protocol.com]
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Some people don't understand the tenuous nature of their access to technology. When bitcoin started everyone raved about it being so anonymous. No one listened when I pointed out that anything permanently recorded is _permanently recorded_.
With a well-crafted algorithm and cycles, you can be found. Or at the very least, lose everything when the wallet is seized.
Cash, gems, and metals are always king. It's hard to bribe your way through a border with bitcoin...
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Just wait until they realize the same laws can be used to suppress political dissidents as well. "But I never thought it'd be used against MEEE!"
The same thing happened with the HCUA. It was created in the 1930s by the left to suppress the right. Then in the 1950s, it was weaponized by the right, including Joe McCarthy, to persecute the left.
Never support any law you would not want your opponents to use against you. Because they will.
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Never support any law you would not want your opponents to use against you. Because they will.
Indeed. Totalitarianism always starts with noble ambitions.
Warren Tech ignorant (Score:1)
Re: Warren Tech ignorant (Score:3)
Jezuz dude. Fucking proofread, eh?
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That sound you hear (Score:2)
is crypto exchanges in the rest of the world gut laughing.
What size shotgun does Senator Warren have to make foreign held exchanges comply with such an order?
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What size shotgun does Senator Warren have to make foreign held exchanges comply with such an order?
You may not have noticed, but the USA is a linchpin of international trade, and has the world's biggest military by far. Pretty sure the stick is well in hand.
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There is a whole financial revolution going on worldwide outside of the USA's control. Assuming the powers that be are prepared to attack for crypto, the military can invade at most a handful of countries.
They'll be fine.
Hmm... implementation problems (Score:2)
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I'm in favor of Russian sanctions, but I'm a bit worried of the implementation details here. Say someone in Russia owned the coins X owners before you did... does that mean you can no longer use them? What's a fair value of X? How can X even be fairly determined given crypto doesn't have accounts but addresses?
Expect this to be interpreted in widest possible way. Because we all know that for those fascists Russian sanctions are just a pretext, and the real goal is to strike at crypto, the last obstacle on their way to the cashless Brave New World when government can just cancel your finances with a single mouse click if you dare to not be a good sheeple.
Yep (Score:2)
The bill seems to extend beyond just Russian sanctions. Another provision would authorize the Financial Crimes Enforcement Network (FinCEN) to identify users transacting with more than $10,000 in crypto.
The Treasury secretary would also be tasked with identifying exchanges that could be at "high risk for sanctions evasion" or other crimes, and reporting these entities to Congress.
Aaaand there it is.
$10,000 is a (Score:2)
peanut amount of money these days due to Bidenflation, and will cover essentially all of your transactions.