US Senator Elizabeth Warren Reveals New Crypto Regulation Involving Russian Sanctions Evasion

The situation involving Russia and Ukraine has been all over the media for the past few days. There are economic consequences and not only. The crypto market is also affected by the geopolitical scenario.

Now, the tensions between the United States and Russia spread across numerous sectors, and meanwhile, Senator Elizabeth Warren is looking to crack down on potential crypto loopholes.

According to an NBC News report, the senator is drafting legislation to bolster sanctions the US imposed after Russia first invaded Ukraine two weeks ago.

It’s important to note the fact that Warren recently co-signed a letter with fellow Democrat Senators Mark Warner (VA), Sherrod Brown (OH), and Jack Reed (RI) that expresses concerns about the following:

The letter states this:

“Criminals, rogue states and other actors may use digital assets and alternative payment platforms as a new means to hide cross-border transactions for nefarious purposes.”

The same notes continue and reveal:

“Strong enforcement of sanctions compliance in the cryptocurrency industry is critical given that digital assets, which allow entities to bypass the traditional financial system, may increasingly be used as a tool for sanctions evasion.”

Another thing worth mentioning is that Republican Senator Lindsay Graham (R-SC) also talked about his concerns involving Russians using cryptos to deflect the brunt of international sanctions.

She also shared the following tweet:

I’ve been ringing the alarm bell on crypto, from consumer protection to the environment to national security—especially since Russian elites can use digital assets to undermine sanctions. @POTUS is right to spotlight crypto’s risks and we need strong rules before it’s too late.

— Elizabeth Warren (@SenWarren) March 9, 2022

Stay tuned for more news and also make sure to check out the prices in the crypto market during these highly volatile times.