U.S Senator

Elizabeth Warren – Democratic Senator from Massachusetts – has introduced a new bill titled the ‘‘Digital Asset Sanctions Compliance Enhancement Act of 2022’’ to congress. Co-authored and signed by over 10 other Democrats, the bill proposes far-reaching measures to ensure sanctioned Russian entities don’t use cryptocurrency to bypass trade restrictions. However, a new non-profit crypto policy think tank – Coin Centre – has sounded the alarm on some “unconstitutional” measures within the bill. Targeting “Transaction Facilitators” The bill has been…

US Senator Elizabeth Warren’s fight against criminal misuse of cryptocurrency presses on. The Democrat is reportedly drafting a bill to prevent sanctioned Russian entities from possibly pivoting to crypto rails for facilitating international trade. A Choice For Exchanges According to NBC News, the bill will threaten secondary sanctions on foreign crypto exchanges that choose to service sanctioned individuals and groups. Should they not comply, they would be refused access to the United States, where one of the most active bases…

A small but dedicated alliance of crypto-friendly senators continues against damaging industry language in the Infrastructure bill. Representatives Patrick McHenry and Tim Ryan have signed bipartisan legislation to fix onerous tax reporting requirements on crypto “brokers”. This follows similar efforts from senators Cynthia Lummis and Ron Wyden earlier this week. The Keep Innovation In America Act McHenry unveiled his regulatory amendment in a press release on Thursday. The legislation – titled the “Keep Innovation in America Act” – would slash…

Continue reading Rand Paul: Cryptocurrency Could Reach World Reserve Status

A vocal Pro-Crypto U.S Senator has called for further developments in the auditing of Stablecoins. Sen. Cynthia Lummis holds that the audit should go beyond the "proof" provided by the leading insurers. Senator said, "cash should fully back Stablecoins". But, again, there's a need to audit that condition regularly to ensure compliance by their providers. Lummis contributed to a Senate discussion on the potential for the U.S to develop. Its central bank digital currency (CBDC). She sounded alarmed over the…