Should a crypto platform be sanctioned if it's used by a Russian oligarch to hide money? Should a crypto platform be sanctioned if it's used to support Russia in the war with Ukraine? Senator Elizabeth Warren is proposing a new law that would sanction crypto platforms in these scenarios. It's called the Digital Asset Sanctions Compliance Enhancement Act of 2022.
If you could vote directly on this policy, would you vote for it or against it?
Okay, so let's get clear about what this bill is proposing. According to this article from Coindesk:
"U.S. Sen. Elizabeth Warren (D-Mass.) announced Thursday a new bill to block cryptocurrency companies from conducting business with sanctioned companies."
"This is a bill that would authorize the president to sanction foreign cryptocurrency firms that are doing business with sanctioned Russian entities and authorize the Secretary of Treasury to act,"
So, how will these people be identified?
According to a draft of the bill, the presidential administration would be tasked with identifying "any foreign person" who operates a crypto exchange or otherwise facilitates digital asset transactions who has also supported sanctions evasion by Russian individuals named to the Office of Foreign Asset Control's sanctions list.
Any foreign person that facilitates a digital asset transaction? That seems very vague. The founder of Ethereum is Vitalik Buterin. He's a Russian-born Canadian. Does he meet the definition of "Any foreign person that facilitates a digital asset transaction"? If these rules are going to exist they have to be narrow enough to only target people that are doing the wrong thing. They should not be broad and allow the government to target, anyone, whenever they feel like it.
Check out the listing for this topic on the One Democracy platform:
https://onedirectdemocracy.com/ideas/how-can-the-digital-asset-sanctions-compliance-enhancement-act-of-2022-be-improved/
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