Elizabeth Warren, a member of the US Senate Banking Committee, has just introduced a bill proposing that the US Department of the Treasury block transactions of crypto exchanges with addresses of individuals included in the sanctions lists.
The document aims to prevent "Vladimir Putin and Russian elites" from using digital assets to circumvent restrictions imposed by the international community.
The bill implies that the US president will receive additional powers regarding the introduction of secondary sanctions against foreign trading platforms that offer their services to persons included in the sanctions lists.
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In addition, the Department of the Treasury will be able to block transactions of crypto exchanges with Russian addresses.
The FinCEN will force US taxpayers involved in offshore transactions with digital assets worth more than $10,000 to file reports on these transactions (FBAR tax form) with the regulator.
The FinCEN will publish a public report identifying offshore trading platforms that are likely to be used for sanctions evasion, money laundering or other illegal activities.