A US lawmaker asked the Biden administration to create a “robust strategy” to stop cryptocurrency from being used to evade sanctions. “Emerging 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, stated by U.S lawmakers.
A senior member from the House Foreign Affairs Committee, U.S. Agent Michael McCaul (R-TX), has made various attempts to prevent cryptocurrency’s use to evade U.S. sanctions. He gave a statement on Thursday asking the Biden Administration to make a “robust strategy” to prevent crypto from being utilised to avoid sanctions.
The congressman Michael McCaul stated that:
“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.”
Michael McCaul sent a letter to President Joe Biden last month raising worries about “ the potential abuse of emerging technologies like cryptocurrency by Russia to evade sanctions”. He got no reaction from Biden.
Recently, McCaul joined House Foreign Affairs Committee Chairman Gregory Meeks (D-NY) to present the Russia Cryptocurrency Transparency Act. The bill acquired bipartisan help and hence passed of the House Foreign Affairs Committee. This legislation will support to “make sure the U.S. is adopting the important steps to keep these arising technologies from being utilised to evade U.S. sanctions.”
While other lawmakers are stressed over the utilisation of crypto to evade sanctions, numerous specialists have said that crypto is not powerful enough for sanctions evasion. Senator Elizabeth Warren (D-MA) introduced a crypto sanctions bill that “would impose sweeping restrictions on individuals who build, operate, and use cryptocurrency networks, even if they have no knowledge or intent to assist in the evasion of sanctions.”
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