US Senate Threatens Sanctions on Cryptocurrency but Low Probability of Becoming Law

The industry warns that a recent spending bill contains unexpected provisions that could threaten sanctions on cryptocurrency, calling for expedited and automated sanction procedures to target “foreign digital asset facilitators” (including cryptocurrency exchanges) linked to supporting terrorist organizations. However, a key office in the Senate is currently meeting with insiders from the digital asset industry. According to sources, staff of the committee chaired by Senator Mark Warner have been in discussions with individuals from the digital asset industry regarding the provision.