Lawmakers Sound Alarm on Crypto Use in Sanction Evasion by Rogue States

April 30, 2024
Lawmakers Sound Alarm on Crypto Use in Sanction Evasion by Rogue States
  • US Senators Warren and Marshall express concern over digital currencies like Tether being used by countries such as Russia, Iran, and North Korea to evade international sanctions.

  • Russia has reportedly used Tether to acquire technology supporting military actions in Ukraine, circumventing sanctions.

  • North Korea is accused of stealing billions in crypto assets to fund nuclear programs, while Iran allegedly uses digital currencies to finance terrorist groups.

  • Lawmakers urge for a briefing on measures to prevent crypto from undermining sanctions and seek additional legislative and regulatory tools for national security.

  • The Treasury has requested more authority to regulate crypto exchanges and combat illicit use of cryptocurrencies.

  • Senator Warren advocates for strict crypto regulations, proposing the Digital Asset Anti-Money Laundering Act.

  • Tether claims to freeze sanctioned crypto wallets but did not comment on the lawmakers' concerns.

Summary based on 2 sources


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