{"id":3510,"date":"2022-04-20T01:40:43","date_gmt":"2022-04-20T01:40:43","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=3510"},"modified":"2022-04-20T01:40:43","modified_gmt":"2022-04-20T01:40:43","slug":"us-lawmaker-urges-biden-administration-to-develop-robust-strategy-to-prevent-crypto-use-to-evade-sanctions","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3510","title":{"rendered":"US Lawmaker Urges Biden Administration to Develop &#8216;Robust Strategy&#8217; to Prevent Crypto Use to Evade Sanctions"},"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>A U.S. lawmaker has urged the Biden administration to develop a \u201crobust strategy\u201d to prevent cryptocurrency from being used to evade sanctions. \u201cEmerging technologies like cryptocurrency offer many positive applications like humanitarian relief, but the administration has not kept pace in ensuring this novel form of currency is not used to the detriment of U.S. national security,\u201d he said.<\/strong><\/p>\n<h2>Congressman McCaul Wants a \u2018Robust Strategy\u2019 to Prevent Crypto Use to Evade Sanctions<\/h2>\n<p>A senior member of the House Foreign Affairs Committee, U.S. Representative Michael McCaul (R-TX), has made a number of efforts to prevent cryptocurrency\u2019s use to evade U.S. sanctions. He issued a statement Thursday urging the Biden Administration to create a \u201crobust strategy\u201d to stop crypto from being used to circumvent sanctions.<\/p>\n<p>\u201cEmerging technologies like cryptocurrency offer many positive applications like humanitarian relief, but the administration has not kept pace in ensuring this novel form of currency is not used to the detriment of U.S. national security,\u201d the congressman noted, elaborating:<\/p>\n<p>Punishing criminals is a good first step, but I urge the administration to develop a robust strategy to stop bad actors from using cryptocurrency to evade U.S. sanctions.<\/p>\n<p>His statement followed the sentencing of Virgil Griffith to more than five years in federal prison for helping North Korea evade U.S. sanctions using cryptocurrency technologies.<\/p>\n<p>Rep. McCaul also sent a letter to President Joe Biden last month raising concerns about \u201cthe potential abuse of emerging technologies like cryptocurrency by Russia to evade sanctions.\u201d He cited \u201can expected UN report on North Korea using stolen cryptocurrencies to fund its nuclear program.\u201d He received no response from Biden.<\/p>\n<p>The lawmaker then sent a similar letter to Director of National Intelligence Avril Haines after her testimony before the House Permanent Select Committee on Intelligence regarding how her department will deal with cryptocurrency-related sanctions evasion.<\/p>\n<p>Earlier this month, McCaul joined House Foreign Affairs Committee Chairman Gregory Meeks (D-NY) to introduce the Russia Cryptocurrency Transparency Act. The bill gained bipartisan support and subsequently passed out of the House Foreign Affairs Committee. This legislation will help \u201censure the U.S. is taking the necessary steps to prevent these emerging technologies from being used to evade U.S. sanctions.\u201d<\/p>\n<p>While some lawmakers are worried about the use of crypto to circumvent sanctions, many experts have said that crypto is not an effective tool for sanctions evasion. A U.S. Treasury official said in March: \u201cWe don\u2019t see that crypto could be used in a large-scale way to evade sanctions.\u201d Nonetheless, Senator Elizabeth Warren (D-MA) introduced a crypto sanctions bill that \u201cwould place sweeping restrictions on persons who build, operate, and use cryptocurrency networks even if they have no knowledge or intent to help evade sanctions.\u201d<\/p>\n<p><em><strong>What do you think about Rep. McCaul wanting a robust strategy to prevent crypto from being used to evade sanctions? 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>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-lawmaker-urges-biden-administration-to-develop-robust-strategy-to-prevent-crypto-use-to-evade-sanctions\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A U.S. lawmaker has urged the Biden administration to develop a \u201crobust strategy\u201d to prevent cryptocurrency from being used to evade sanctions. \u201cEmerging technologies like cryptocurrency offer many positive applications like humanitarian relief, but the administration has not kept pace in ensuring this novel form of currency is not used to the detriment of U.S. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-3510","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\/3510","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=3510"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3510\/revisions"}],"predecessor-version":[{"id":3512,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3510\/revisions\/3512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3511"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}