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Mark Warner

Democrat Senator from Virginia

Notable statements

profile picture of Mark Warner

Mark Warner

@MarkWarner

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After concerning reports that Hamas and other terrorist groups may be raising money in cryptocurrency, I’m joining with my colleagues to push the Biden admin to take steps to limit crypto’s use in financing terrorism.
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Mark Warner

@MarkWarner

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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.
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Mark Warner

@MarkWarner

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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…
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Mark Warner

@MarkWarner

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

@MarkWarner

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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/…
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Mark Warner

@MarkWarner

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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.
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Mark Warner

@MarkWarner

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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
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profile picture of Mark Warner

Mark Warner

@MarkWarner

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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…
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Mark Warner

@MarkWarner

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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.
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Mark Warner

@MarkWarner

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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.
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Mark Warner

@MarkWarner

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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.
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Mark Warner

@MarkWarner

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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.
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Mark Warner

@MarkWarner

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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…