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US Senator Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions
One of the provisions would make it easier to verify customer identities and transfers to private wallets by enforcing detailed record keeping and reporting, according to NBC News.
By Nelson Wang
Updated May 11, 2023, 4:56 p.m. Published Mar 8, 2022, 10:30 p.m.
Sen. Elizabeth Warren (D-Mass.) is preparing a bill to make it more difficult to use cryptocurrency to circumvent sanctions.
- In a tweet on Tuesday, Warren says her new bill will “ensure crypto isn’t used by Putin and his cronies to undermine our economic sanctions,” referring to Russian President Vladimir Putin.
- According to NBC News, which was the first to report on Warren's proposed bill, one of its provisions would make it easier to verify customer identities and transfers to private wallets by requiring financial institutions to log detailed records and submit reports to the Treasury Department.
- Warren and three other Democratic senators sent a letter last week to Treasury Secretary Janet Yellen asking about how the Treasury Department plans to enforce economic sanctions within the cryptocurrency industry.
- “Strong enforcement of sanctions compliance in the cryptocurrency industry is critical given that digital assets, which allow entities to bypass the traditional financial system, may increasingly be used as a tool for sanctions evasion,” the senators wrote.
STORY CONTINUES BELOW
Read more: Crypto Still Isn't Helping Russian Oligarchs Evade Sanctions
UPDATE (March 9, 1:03 UTC):Adds context in third bullet point.
UPDATE (March 9, 17:10 UTC): Removes reference to the Republican party controlling the U.S. Senate. Currently, the Democrats control the Senate.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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