According to CNBC, the Blockchain Association has been pushing US senators against two pieces of legislation aimed at preventing Russian oligarchs from adopting cryptocurrencies to avoid sanctions placed on them when Russia launched its invasion of Ukraine.
The first is the "Russian Digital Asset Sanctions Compliance Act of 2022," a House bill. The other is the "Digital Asset Sanctions Compliance Enhancement Act of 2022," a Senate measure supported by crypto skeptic Senator Elizabeth Warren (D-Mass).
The laws provide the Biden administration the right to restrict US cryptocurrency exchanges from accepting Russian funds. They would also empower US authorities to punish overseas exchanges that facilitate transactions involving sanctioned Russian individuals or entities.
AAVE, Anchorage Digital, Ava Labs, Bitdeer, Blockchain Capital, Blockfi, Brevan Howard, Chainalysis, Circle, Crypto.com, Digital Currency Group, Dragonfly Capital, Etoro, Grayscale, Kraken, Ripple, Silvergate, Solana, Terra, Voyager, and Wicklow Capital are among the crypto platforms represented by the organization.
The group is attempting to persuade legislators that affluent Russians are not using bitcoin to dodge sanctions.