"It’s time to learn the truth about crypto. Let’s start with the obscene amounts of electricity needed to mine Bitcoin and other cryptocurrencies. Families and businesses in America will pay the price for crypto’s mining ventures."
"We should all agree that workplace retirement accounts are no place to gamble. Yet @Fidelity, one of the largest 401(k) providers, wants to give plan sponsors the ability to expose plan participants to Bitcoin, a highly volatile and unregulated digital asset.
I’m joining my colleagues @SenWarren and @SenTinaSmith in sounding the alarm on this risky pursuit."
This bill allows additional sanctions against Russia and creates specified reporting requirements regarding digital assets.
Specifically, the President must periodically identify foreign persons who facilitate evasion of Russian sanctions using digital assets. The bill authorizes sanctions against such persons.
The bill requires a U.S. taxpayer engaged in offshore digital asset transactions greater than $10,000 to file an annual Report of Foreign Bank and Financial Accounts with the Financial Crimes Enforcement Network.
The bill allows the Department of the Treasury to prohibit U.S. digital asset trading platforms and transaction facilitators from transacting with Russian digital asset addresses. Additionally, Treasury must report on its progress in implementing the bill and must annually identify foreign digital asset trading platforms that are a high risk for sanctions evasion, money laundering, and other illicit activities.