Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-03-03 09:52:23

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

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. US Senators Push Treasury to Increase Scrutiny on Crypto In a letter 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. “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,” wrote the lawmakers. Cryptocurrencies risk undermining sanctions against Russia, allowing Putin and his cronies to evade economic pain. U.S. financial regulators need to take this threat seriously and increase their scrutiny of digital assets. — Elizabeth Warren (@SenWarren) February 28, 2022 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. “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,...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.