Lawmakers Sound Alarm on Crypto Use in Sanction Evasion by Rogue States
April 29, 2024US 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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Sources
CryptoSlate • Apr 29, 2024
Lawmakers urge Biden administration to address 'rogue nations' evading sanctions via cryptoThe Mighty 790 KFGO | KFGO • Apr 29, 2024
US Lawmakers press Biden administration on use of crypto to evade sanctions