- US senators urge the Treasury Department to monitor sanctions compliance by the crypto industry.
- This is to undermine sanctions against Russia.
- Senator Elizabeth Warren said financial regulators should take the threat seriously.
In the wake of the Russian invasion of Ukraine, the global crypto donation to Ukraine has been on an overwhelming growth. Also, talks about sanction compliance from the crypto industry are now more significant. The Treasury Department of the US faced questions by four US senators regarding the crypto industry.
In an official letter, the senators inquired about the department’s progress in monitoring and enforcing sanctions compliance by the crypto industry. What the senators’ focus on is, criminals or indecent states may use digital assets to hide cross-border transactions for illegal needs.
As such digital assets and payment systems may evade the US and other global sanctions, the senators put more concerns on the one imposed on Russia following its invasion of Ukraine.
The letter further reads:
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.
Due to the invasion, many governments across the world are imposing sanctions on Russia. This made one of the four US Senators — Elizabeth Warren — ask if cryptocurrency could help Russia to avoid sanctions. She tweeted that crypto is a risk in ‘’undermining sanctions’’ against Russia, making Putin and his team evade economic pain.
In response to her Tweet, John E Deaton, founder of Crypto Law US (digital asset news) remarked that crypto has made a positive contribution to help Ukraine against Russia. He stated that the Senator uses ‘’war as a way to spread information’’ to support the domestic agenda.
Senator @ewarren you know very well that crypto has made a positive contribution in helping Ukraine against Russia. Shame on you for using the war as a way to spread misinformation to support your domestic agenda. https://t.co/hojmq3dMor
— John E Deaton (@JohnEDeaton1) March 3, 2022
Besides this response, another US Senator Ted Cruz said that Elizabeth Warren does not like bitcoin and cryptos as she could not control them.
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