In a proposed bill, a US Senator wants to sanction foreign cryptocurrency exchanges

<p>In a new bill aimed at tightening sanctions on Russia, anti-crypto senators in the United States are targeting digital currencies once more. </p> <p>Anti-banking and staunchly anti-crypto Senator Elizabeth Warren is resuming her campaign to demolish the digital asset industry. The staunch crypto critic's latest move is to draught legislation. She hopes that it will make it more difficult to use cryptocurrency to avoid sanctions. </p> <p>The proposed legislation, which is still in draught form, aims to impose secondary sanctions on foreign cryptocurrency exchanges that have not followed US regulations. According to NBC News, the bill seeks to force companies to choose between doing business in the United States and doing business with sanctioned individuals and organisations. </p> <p>In the worst-case scenario, US citizens could be barred from using international cryptocurrency exchanges. However, due to America's harsh regulatory environment, many of them already impose restrictions and limits on US customers. </p> <p>Cryptocurrency's Curse </p> <p>Last week, Warren and several other Senators wrote to Treasury Secretary Janet Yellen, urging her to take stronger action against cryptocurrency use. </p> <p>"Strong sanctions compliance enforcement in the cryptocurrency industry is critical, given that digital assets, which allow entities to bypass the traditional financial system, may be increasingly used as a tool for sanctions evasion." </p> <p>Last week, Senator Lindsey Graham joined the call to crack down on cryptocurrency, saying, "cryptocurrency is rearing its ugly head here," before adding, "as you sanction the Russian central bank, which is a good thing, I worry about how the Russians might use the cryptocurrency to stay afloat." </p> <p>Warren's proposal also aims to make it easier to verify the identity of those who make transfers using private crypto wallets. Financial institutions would be required to keep detailed records for submission to the Treasury Department. </p> <p>Such harsh tactics,