Democrats press Treasury over concerns Russia could use cryptocurrency to evade sanctions

[Yo_Mama_Been_Loggin]

Democrats are pressing the Treasury Department for information around its plans to enforce sanctions compliance within the cryptocurrency industry as concerns rise over whether Russia could use digital assets to get around U.S. sanctions issued in response to its recent invasion of Ukraine.

Sen. Elizabeth Warren (D-Mass.), Senate Intelligence Committee Chairman Mark Warner (D-Va.), Senate Banking, Housing and Urban Affairs Chairman Sherrod Brown (D-Ohio), and Senate Armed Services Committee Chairman Jack Reed (D-R.I.) led lawmakers in a letter to the agency on Wednesday.

In the letter, lawmakers inquire about the agency's "progress in monitoring and enforcing sanctions compliance by the cryptocurrency industry," before going on to voice concerns "that criminals, rogue states, and other actors may use digital assets and alternative payment platforms as a new means to hide cross-border transactions for nefarious purposes."

The group then cited the agency's 2021 Sanctions Review and other reports that have "warned that such digital assets and alternative payment platforms may facilitate evasion of U.S. and global sanctions, potentially undermining the efficacy of our sanctions regime."

https://www.msn.com/en-us/news/politics/democrats-press-treasury-over-concerns-russia-could-use-cryptocurrency-to-evade-sanctions/ar-AAUx00S

[PoliticAverse]

1. Russia will be using China and India to get around sanctions. n/t