Does Mark Warner Support Crypto?

Mark Warner

@MarkWarner

We need to give the government modern tools to crack down on financial crime that uses cryptocurrencies. I’m proud to have introduced bipartisan legislation to enforce sanctions and protect our national security. warner.senate.gov/public/index.c…

2023-07-19T15:20:40.000Z · via Twitter

Mark Warner

@MarkWarner

We need to make sure Russia isn’t using crypto to evade sanctions – that’s why I’ve introduced a law to close loopholes and make sure our sanctions keep working. We’re making a real impact on the Russian economy, but we have to keep pushing.

2022-03-18T14:00:13.000Z · via Twitter

Mark Warner

@MarkWarner

This is an important EO from the Biden admin at a critical time – I look forward to working alongside the administration further as they continue to develop a clear federal strategy for crypto that prioritizes competition and economic security. cnbc.com/2022/03/09/her…

2022-03-09T20:54:01.000Z · via Twitter

Mark Warner

@MarkWarner

Continued my advocacy on this issue this morning by directly asking Fed Chair Powell about it – we must make sure that Russians are not using crypto to evade the sanctions the U.S. and our global allies have imposed. buzzfeednews.com/article/sarahe…

2022-03-03T16:06:58.000Z · via Twitter

Mark Warner

@MarkWarner

RT @SenJackReed: We can’t let Putin & his cronies use crypto to evade sanctions. Joined @SenWarren @MarkWarner @SenSherrodBrown in urging U…

2022-03-02T21:39:08.000Z · via Twitter

Mark Warner

@MarkWarner

Some have misinterpreted previous language I had offered to favor proof of work cryptocurrencies – the intent was anything but: to reiterate, all the drafters have repeatedly emphasized they do *not* see validators under any consensus mechanism as subject to compliance.

2021-08-11T20:02:13.000Z · via Twitter

Top Analysis on Stance

DoTheySupportCrypto
marked this stance as somewhat pro-crypto

Created on 2021-08-31T02:52:29.059Z

Mark Warner has generally been tech-savvy on regulation. He didn't expect the backlash he witnessed.

Mark Warner

@MarkWarner

As @FACTcoalition has emphasized, that clarification from my colleagues was not necessary – and would have hastily and over-broadly carved out DeFi exchanges and custodians, even when they *are* in a position to collect this compliance information. thefactcoalition.org/congress-shoul…

2021-08-11T20:02:12.000Z · via Twitter

Mark Warner

@MarkWarner

To be fair, obscure provisions of tax law aren’t something most Americans have a passing familiarity with. And in an area as complex and fast-moving as digital assets – it benefits all of us to be clear and get things right.

2021-08-11T20:02:11.000Z · via Twitter

Mark Warner

@MarkWarner

They’ve made clear the scope of these provisions is limited – and said repeatedly to Senators that it would not capture miners in proof of work contexts, nor validators in proof of stake contexts. Nor would it capture devs simply contributing code to cryptocurrency projects. pic.twitter.com/lpqg1BKrGA

2021-08-11T20:02:11.000Z · via Twitter

Mark Warner

@MarkWarner

For over a week, the Administration has reiterated to all Senators involved that the scope of these rules would not extend to parts of the crypto ecosystem where entities wouldn’t in their normal course of business be able to collect the relevant information for tax reporting.

2021-08-11T20:02:09.000Z · via Twitter

Mark Warner

@MarkWarner

As we saw on a different front last week, these decentralized exchanges seek to openly flout the established governance regime the US has sought to maintain. sec.gov/news/press-rel…

2021-08-11T20:02:08.000Z · via Twitter

Neutral on Crypto

Mark Warner

@MarkWarner

Second, it’s well-understood that if you pay for something in more than $10,000 cash, there’s a reporting requirement. The bill made clear that this applies to crypto, too, as Treasury had proposed. Even @BlockchainAssn claimed this was common sense bloomberg.com/news/articles/…

2021-08-11T20:02:08.000Z · via Twitter

Mark Warner

@MarkWarner

First, we’re seeing decentralized exchanges openly advertise their non-compliance w/ regulatory and tax rules – that’s something that we seek to address in this legislation by making clear that, notwithstanding their claims, they’re still subject to compliance.

2021-08-11T20:02:07.000Z · via Twitter

Mark Warner

@MarkWarner

The tax gap is especially pronounced in two areas: 1) Cryptocurrency exchanges (some of which openly advertise non-compliance) and custodial wallets, and 2) Businesses that receive cryptocurrency as payment but don’t report it.

2021-08-11T20:02:07.000Z · via Twitter

Mark Warner

@MarkWarner

First, we need to acknowledge that the innovation and excitement surrounding digital assets has at times obscured some real problems – perhaps none greater than the tax evasion and non-compliance we have continued to see. cnbc.com/2021/05/31/cry…

2021-08-11T20:02:06.000Z · via Twitter

Neutral on Crypto

Mark Warner

@MarkWarner

RT @WardDPatrick: The White House on crypto amendments, statement from @AndrewJBates46: pic.twitter.com/C8sG5aM3oW

2021-08-06T04:11:26.000Z · via Twitter