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Saturday, February 4, 2023

US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia

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US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia – Senator Elizabeth Warren of the United States is concerned that “cryptocurrencies risk undermining sanctions against Russia.” Financial regulators should “take this threat seriously and intensify their inspection of digital assets,” she says.

Senator Elizabeth Warren is concerned that cryptocurrencies could allow Russia to escape sanctions. Senator Elizabeth Warren of Massachusetts tweeted on Monday:

“Cryptocurrencies have the potential to undermine Russian sanctions, allowing Putin and his cronies to avoid economic consequences.”

“Financial regulators in the United States need to take this issue seriously and tighten their oversight of digital assets,” she added.

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Also Read: AMC Theatres to Accept Dogecoin and Shiba Inu Payments in Coming Weeks

Senator Warren’s remark was widely criticized by the cryptocurrency community. Some people accused her of being illiterate, while others accused her of lying. “So, you’re saying a stateless, permissionless, decentralized, and censorship-resistant currency is out of your control and must be stopped?” one user tweeted.

Senator Warren “dislikes bitcoin and cryptocurrency”, according to Texas Senator Ted Cruz, since she can’t regulate them.

Senator Warren’s tweet cites a New York Times article titled “Russia Could Use Cryptocurrency to Blunt the Force of US Sanctions.” Senator Warren referenced a New York Times article in which Jerry Brito, executive director of the D.C. based think group Coin Center, found some flaws.

The article, for example, discusses “new  tools developed in Russia” that could help conceal the origin of cryptocurrency transactions.

It does not, however, clarify what the tools are or provide any references, according to Brito. “And to believe that ransomware can make up for lost revenue due to sanctions is to underestimate the severity of the blockade being enforced.”

Also Read: Students Mining Crypto in Dorms May Face Criminal Prosecution in Russia, Lawyer Says

He continued, adding:

Is it possible to utilize crypto to get around sanctions?  Is it possible that it may be utilized in a way that undermines the current measures? I’m not sure how.

“Will legitimate crypto intermediaries follow through on their sanctions obligations?” If recent history is any indication, we’re better than a lot of banks,” the Coin Center executive concluded.

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