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The Digital Asset Sanctions Compliance Enhancement Act comes amid concerns that Russian actors may try to evade economic sanctions by using digital currencies. The Digital Asset Sanctions Compliance Enhancement Act would close potential avenues for evasion of sanctions against Russia by requiring the President to identify foreign digital asset actors that are facilitating evasion of sanctions against Russia and authorizing the President to sanction such actors.
Senators from the United States have presented legislation to ensure that Vladimir Putin and Russian elites do not exploit digital assets to circumvent economic sanctions imposed by the international community for Russia’s invasion of Ukraine.
The Digital Asset Penalties Compliance Enhancement Act was enacted in response to worries that Russian agents would use digital currency to dodge economic sanctions.
Other sanctioned countries, such as North Korea and Iran, have employed cryptocurrencies to counteract the effects of the restrictions.
“Putin and his cronies can move, store, and hide their wealth using cryptocurrencies, potentially allowing them to evade the historic economic sanctions the U.S. and its partners across the world have levied in response to Russia’s war against Ukraine,” U.S. Sen. Elizabeth Warren (D-MA), one of the bill’s sponsors, said.
Senators Jack Reed (D-RI), Mark Warner (D-VA), and Jon Tester (D-MT) are among the bill’s sponsors.
The Digital Asset Sanctions Compliance Enhancement Act would require the President to identify foreign digital asset actors who are facilitating evasion of sanctions against Russia and authorize the President to sanction such actors, thereby closing potential avenues for evasion of sanctions against Russia. It would also give the Treasury Secretary the power to restrict digital asset trading platforms from transacting with bitcoin addresses linked to Russia.
“The U.S. and its allies have imposed some of the strongest sanctions in history to try to stop Putin and his cronies from waging war on Ukraine. A sanctions system without strong authorities to limit evasion using digital assets is like having a security system but leaving the front door open. This bill would clarify Treasury’s authorities and strengthen our sanctions on Putin and his enablers,” Reed said.
Senators John Cornyn (R-TX) and Elizabeth Warren (D-MA) are cosponsors of the bill. Tammy Duckworth (D-IL), Debbie Stabenow (D-MI), Raphael Warnock (D-GA), Chris Van Hollen (D-MD), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), and Bob Menendez (D-NJ) are among the Democratic members of the House of Representatives (D-NJ).
“In order for the sanctions levied by the United States and our allies to have the maximum impact on Vladimir Putin and his oligarch friends, we must close off avenues they might use to evade those sanctions. This legislation will crack down on foreign actors who help sanctioned Russians use digital assets like cryptocurrencies to circumvent the crippling measures we’ve put in place to punish Russia for its barbaric invasion of Ukraine,” Warner said.
The bill also directs FinCEN to require U.S. taxpayers who engage in an offshore cryptocurrency transaction worth more than $10,000 to file FinCEN Form 114.
“Vladimir Putin’s unprovoked war in Ukraine is a threat to democracies everywhere, and if we are going to hold him and his cronies accountable, we have to be sure they aren’t using digital tools to evade sanctions,” Tester said.
