On Thursday night, U.S senators proposed a new bill that would allow the country to crack down on Russian cryptocurrency use.

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During a Senate Banking Committee hearing, Elizabeth Warren, alongside ten other Democrats, including Sherrod Brown, Mark Warner, and Jack Reed, introduced the ‘Digital Asset Sanctions Compliance Act.’

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Currently, the Biden administration believes that Russia cannot completely evade sanctions using cryptocurrency. If the bill ever passes, it would give the administration authority to require all crypto exchanges subjected to U.S. law to stop facilitating transactions with Russian-based crypto wallets.

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Russian President Vladimir Putin "and his cronies can move, store and hide their wealth using cryptocurrencies, potentially allowing them to evade the historic economic sanctions the U.S. and its partners across the world have levied in response to Russia’s war against Ukraine,” Warren said in a statement.

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Meanwhile, Russia’s Sberbank has received a license from the Central Bank of Russia (CBR) to issue and exchange digital assets. This comes less than two weeks after the CBR proposed to ban the issuance, mining, and circulation of cryptocurrencies in the country.

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