A Senate bill could open up cryptocurrencies to U.S. sanctions, but the industry is trying to stop it.

“Overall, we agree with the bill’s goal of halting funding to foreign terrorist organizations,” Carbon said, adding, “We appreciate that it limits reporting on groups that knowingly provide funding to malicious actors.” Legislation is not entirely bad or good. But he argued that the lack of guidelines for identifying violators and a proportional (possibly tiered) sanctions system could be problematic, which he said puts too much power in the hands of the U.S. Treasury secretary.