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Senators want to prevent Putin dodging sanctions via crypto

PORTLAND, Maine (AP) — Maine’s independent senator wants the U.S. to try to limit Russian president Vladimir Putin and others in Russia from dodging economic sanctions by using cryptocurrencies.

Sen. Angus King said he is cosponsoring legislation that would seek to stop Putin and others from using digital assets to make an end-run on tough sanctions placed by the U.S. He said the proposal would stop any Russian digital assets from being traded in U.S. jurisdictions.

The proposal would also include new cryptocurrency transparency requirements and give the Biden administration new powers to go after the digital assets, King said. King said the U.S. “must ensure that Putin cannot exploit any financial loopholes to escape the consequences of his crimes.”

The bill has numerous sponsors in the U.S. Senate, all the rest of whom are Democrats, including Massachusetts Sen. Elizabeth Warren.


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