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. https://t.co/4lCUNcUC29 — 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,...