Representative Brad Sherman did not mention whether the Russian crypto wallet ban would extend beyond individuals and businesses named in US sanctions
Neither bill's text is available through congressional records at the time of publication. However, Warren’s proposed legislation would reportedlythe Treasury Department the authority to stop crypto exchanges under U.S. jurisdiction from processing transactions from any crypto addresses belonging to Russian nationals. In addition, U.S. taxpayers would be required to report any crypto transactions outside the country exceeding $10,000 to the Financial Crimes Enforcement Network, or FinCEN.
“[I] look forward to joining with my colleagues to make sure that one of the tools available to the administration is the ability to tell crypto exchanges if they’re doing business in the United States, they can’t do business with Russia-based crypto wallets until this crisis is over,” said Sherman.
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