Senator Elizabeth Warren and three other Democratic lawmakers on Wednesday urged the U.S. Treasury Department to monitor the potential use of cryptocurrencies by Russia to avoid sanctions.
<h2 class="article__header__heading">US Senators Push Treasury to Increase Scrutiny on Crypto</h2>
In a <a href="https://www.warren.senate.gov/imo/media/doc/2022.03.01%20Letter%20to%20Treasury%20re%20OFAC%20crypto%20sanctions%20enforcement.pdf" target="_blank" rel="nofollow noopener">letter</a> sent to US Treasury Secretary Janet Yellen, Senator Elizabeth Warren along with Senators Sherrod Brown, Mark Warner, and Jack Reed questioned what the treasury department was doing to ensure that cryptocurrencies were not used for bypassing sanctions against Russia.
<blockquote><em>“Given the need to ensure the efficacy and integrity of our sanctions program against Russia and other adversaries, we are seeking information on the steps Treasury is taking to enforce sanctions compliance by the cryptocurrency industry,” </em>wrote the lawmakers.<em>
</em></blockquote>
https://twitter.com/SenWarren/status/1498376453280391178

In fact, just last week, reports surfaced that many cryptocurrency tools are available to Russian entities that allow them for easy dealings without involving the traditional banking industry.
<blockquote><em>“These reports are even more troubling because of analyses that suggest that the cryptocurrency industry may not be fulfilling its responsibility to comply with US sanctions,”</em> the senators added.</blockquote>
The senator group, therefore, asked the US Treasury department to answer its series of questions and explain regarding the same by March 23.
<h2><strong>West Sanctions on Russia</strong></h2>
In response to Russia invading Ukraine, a slew of western countries and global companies like Apple, BP, and Shell have imposed a series of restrictions.

In fact, some of the leading Russian banks have been blocked from accessing the SWIFT global payment system including transactions with Russia’s central bank also being barred.

US Treasury to Monitor Crypto Sector to Prevent Russia from Sanctions Evasion

A group of U.S. Senators on Wednesday urged the U.S. Treasury Department to monitor the potential use of cryptocurrencies by Russia to avoid sanctions.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

US Treasury to Monitor Crypto Sector to Prevent Russia from Sanctions Evasion

Top Picks