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Treasury’s Yellen Urged to Ensure Crypto Isn’t Russia Sanctions Workaround

  • Senators Warren, Brown say tokens may be used to thwart rules
  • U.S. has imposed sweeping financial restrictions on Moscow
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Are Cryptocurrencies Sanction-Proof?

A group of key Senate Democrats wants to know more about what the Treasury Department is doing to ensure digital currencies aren’t being used to bypass sanctions against Russia.

In a letter to Treasury Secretary Janet Yellen, lawmakers including Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown raised concerns that some crypto firms may not be complying with new rules, and asked for more details about how regulators are monitoring and enforcing restrictions that the U.S. has imposed on Moscow in response to its invasion of Ukraine.