Senator Elizabeth Warren, supported by other senators, today introduced a bill titled the “Digital Asset Sanctions Compliance Enhancement Act” that proposes to impose sweeping restrictions on the cryptocurrency industry to strengthen sanctions against Russia .
According to the Coin Center think tank, the text submitted to the senate is so vague and encompassing that it could easily be used to target any developer who has contributed to open source software, a miner or a simple operator of node on the pretext that it allows sanctioned individuals to carry out transactions.
This new project seems all the more misplaced as the risk it claims to tackle would be, according to the director of the FBI himself, largely exaggerated: “The ability of the Russians to circumvent sanctions with cryptocurrencies is probably greatly overestimated […] ]. We have developed significant expertise both at the FBI and at some of our partners, and there have been some very significant seizures which I believe have exposed the vulnerability of cryptocurrencies as a means of circumventing sanctions. – Christopher Wray .