Sen. Elizabeth Warren’s Crypto Bill will Prevent Russia from Using Crypto to Evade Sanctions

Senator Elizabeth Warren has been an outspoken cryptocurrency critic for a long time. Recently, she has been pushing for a cryptocurrency trading and mining ban under the pretext of Russian aggression against Ukraine. Recently, she has introduced a crypto limiting bill that will work at blocking the access of Russian officials and extend the restrictions to the Belarusian oligarchs.

It is worth noting that a few weeks ago; Russian President Vladimir Putin decided to launch an attack on the Ukrainian territory. Putin claims that the military operation is to protect the Russian majority population in the region and to discourage the further expansion of NATO territory in the Eastern peninsula. However, NATO countries and America has been imposing heavy financial restrictions on the country as a retaliation tool.

NATO Countries and POTUS Decide Against the Cryptocurrency Restrictions

Cryptocurrencies have been playing an important role in the ongoing Russia and Ukraine war. At one end, the people who want to send financial aid and donations to Ukrainian people are using the cryptocurrency channels. On the other hand, the Russian oligarchy is also outsourcing its financial backup in the form of cryptocurrencies to escape Western sanctions.

However, despite several resolutions and statements POTUS and NATO committee members rejected the MiCA protocol that could impose massive restrictions on the cryptocurrency traders. Meanwhile, many crypto exchange platforms like Binance and Coinbase decided to blacklist the Russian digital asset wallets upon the request of the Ukrainian deputy PM.

According to Warren, the cryptocurrency bill will target the Russian oligarchs and their counterparts from Belarus who hold massive cryptocurrency stakes. Furthermore, she claimed that the bill will stop private cryptocurrency organizations to conduct any type of business deals with Russian aggressors.

Since the start of the Russian and Ukraine conflict, the prices and the trading volume of Bitcoin have started to rally once again. Meanwhile, Federal Reserve has decided to spike the interest rates signaling the start of quantitative tightening. After these changes, tokens like Ethereum, Luna, BNB, XRP, Solana, Avalanche, and Cardano prices have spiked.

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