New Legislation Aims to Tighten Digital Asset Regulations for Effective Russian Sanctions Enforcement
Congressman Brad Sherman has introduced an amendment aimed at strengthening the enforcement of sanctions on Russian digital assets.
The proposed amendment, part of the National Defense Authorization Act (NDAA), empowers the Treasury Secretary to block crypto transactions associated with Russian entities and mandates U.S. taxpayers to report offshore crypto transactions over $10,000 to FinCEN. This amendment seeks to ensure strict adherence to U.S. sanctions policies by identifying and penalizing foreign entities aiding in evading sanctions related to Russia.
It also grants authority to prohibit transactions involving digital asset addresses linked to Russia and mandates periodic reports on implementation progress to Congress. Fox Business’ Eleanor Terrett noted the significance of such amendments within must-pass legislation like the NDAA, anticipating potential additions as members seek to attach other bills to it.
Clever Robot News Desk 15th June 2024
