{"id":2308,"date":"2022-03-03T09:02:57","date_gmt":"2022-03-03T09:02:57","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=2308"},"modified":"2022-03-03T09:02:58","modified_gmt":"2022-03-03T09:02:58","slug":"us-senator-urges-regulators-to-increase-scrutiny-on-crypto-as-it-risks-undermining-sanctions-against-russia","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2308","title":{"rendered":"US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>U.S. Senator Elizabeth Warren is worried that \u201ccryptocurrencies risk undermining sanctions against Russia.\u201d She urges financial regulators \u201cto take this threat seriously and increase their scrutiny of digital assets.\u201d<br \/><\/strong><\/p>\n<h2>Senator Elizabeth Warren Worried Russia Could Use Cryptocurrency to Evade Sanctions<\/h2>\n<p>As governments worldwide are placing sanctions on Russia following its invasion of Ukraine, U.S. Senator Elizabeth Warren is worried that cryptocurrency could give Russia a way to evade sanctions. The senator from Massachusetts tweeted Monday:<\/p>\n<p>Cryptocurrencies risk undermining sanctions against Russia, allowing Putin and his cronies to evade economic pain.<\/p>\n<p>\u201cU.S. financial regulators need to take this threat seriously and increase their scrutiny of digital assets,\u201d she added.<\/p>\n<p>Senator Warren\u2019s tweet was heavily criticized in the crypto community. Some people called her ignorant while others said she lied. One person tweeted: \u201cSo what you\u2019re saying is that a stateless, permissionless, decentralized, and censorship-resistant currency is out of your control so it must be stopped?\u201d<\/p>\n<p>U.S. Senator Ted Cruz from Texas recently said that Senator Warren does not like bitcoin and cryptocurrency because she cannot control them.<\/p>\n<p>Senator Warren\u2019s tweet includes an article by the New York Times titled \u201cRussia Could Use Cryptocurrency to Blunt the Force of U.S. Sanctions.\u201d Jerry Brito, executive director of D.C.-based think tank Coin Center, pointed out some problems he found in the New York Times article Senator Warren cited.<\/p>\n<p>For example, the article mentions \u201cnew tools developed in Russia\u201d that can help mask the origin of cryptocurrency transactions. However, it does not explain what the tools are or give any reference, Brito noted. \u201cAnd to think that ransomware could make up the income lost to sanctions is to misunderstand the scale of the blockade being imposed,\u201d he added, elaborating:<\/p>\n<p>Could crypto be used to evade sanctions? Of course. Could it be used at a scale that would undermine the measures being taken? I don\u2019t see how.<\/p>\n<p>\u201cWill legitimate crypto intermediaries comply with sanctions obligations? Better than a lot of banks, if recent history is any guide,\u201d the Coin Center executive concluded.<\/p>\n<p><em><strong>What do you think about Senator Elizabeth Warren\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-senator-urges-regulators-to-increase-scrutiny-on-crypto-as-it-risks-undermining-sanctions-against-russia\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Senator Elizabeth Warren is worried that \u201ccryptocurrencies risk undermining sanctions against Russia.\u201d She urges financial regulators \u201cto take this threat seriously and increase their scrutiny of digital assets.\u201d Senator Elizabeth Warren Worried Russia Could Use Cryptocurrency to Evade Sanctions As governments worldwide are placing sanctions on Russia following its invasion of Ukraine, U.S. Senator [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2308"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2308\/revisions"}],"predecessor-version":[{"id":2310,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2308\/revisions\/2310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2309"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}