As tensions between the United States and Russia spread across numerous sectors, Senator Elizabeth Warren is looking to crack down on potential cryptocurrency loopholes.
According to an NBC News report, the Massachusetts senator is drafting legislation to bolster sanctions the US imposed after Russia first invaded Ukraine two weeks ago.
Warren recently co-signed a letter with fellow Democrat Senators Mark Warner (VA), Sherrod Brown (OH) and Jack Reed (RI) that expresses concerns about individuals and entities being able to circumvent sanctions by utilizing digital assets.
The letter states,
“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.
Strong enforcement of sanctions compliance in the cryptocurrency industry is critical given that digital assets, which allow entities to bypass the traditional financial system, may increasingly be used as a tool for sanctions evasion.”
Republican Senator Lindsay Graham (R-SC) has also voiced his concerns about Russians using cryptocurrencies to deflect the brunt of international sanctions.
“Cryptocurrency is rearing its ugly head here.
As you sanction the [Russian] central bank, which is a good thing, I worry about how the cryptocurrency could be used by the Russians to stay afloat.”
Senator Warren also took to Twitter to share her thoughts following President Biden’s new executive order regarding cryptocurrencies.
“I’ve been ringing the alarm bell on crypto, from consumer protection to the environment to national security – especially since Russian elites can use digital assets to undermine sanctions.
POTUS is right to spotlight crypto’s risks and we need strong rules before it’s too late.”
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