US congressmen propose to include in the National Defense Authorization Act a ban on US encryption platforms from trading with Russia

Congressman Brad Sherma submitted an amendment to the House Rules Committee that requires the following to be included in the passed National Defense Authorization Act (NDAA):1. The Secretary of the Treasury will have "explicit authority to prohibit US-based digital asset trading platforms and intermediaries from engaging in transactions with known or reasonably suspected cryptocurrency addresses that are associated with Russia under US jurisdiction." 2. The Financial Crimes Enforcement Network will have the authority to require US taxpayers participating in overseas cryptocurrency transactions worth over $10,000 to submit FinCEN Form 114 (FBAR).