Treasury warns against Russia's efforts to evade sanctions with crypto: Catch them red handed | Crypto

Treasury warns against Russia’s efforts to evade sanctions with crypto: Catch them red handed

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– Ether has outperformed bitcoin since June 2022, as investors anticipate a major upgrade to the ethereum blockchain called “the merge.”

– Russian President Vladimir Putin could use cryptocurrencies to evade U.S. and other sanctions launched against the Kremlin for its unprovoked invasion of Ukraine.

– The U.S. government has already identified Russian entities attempting to circumvent sanctions with crypto.

– Treasury’s Assistant Secretary for Terrorist Financing And Financial Crimes, Elizabeth Rosenberg, said that digital assets could be used to skirt sanctions.

– The Senate Committee on Banking, Housing and Urban Affairs convened the hearing to discuss the next steps for deterrents against Russia’s continued aggression against Ukraine.

– Sen. Elizabeth Warren, D-Mass., asked Rosenberg if digital assets could be used to skirt sanctions.

– Warren said she’d been concerned about the possibility of cryptocurrency being used by Russian elites to bypass sanctions since the country invaded in February.

– The Treasury Department has already targeted a virtual currency mining agency and oligarch Konstantin Malofeyev for sanctions.

– Russia planned ahead by developing its own digital currency as early as February in hopes of trading directly with countries that will accept the funds without first converting to dollars.

– Coinbase, a leading U.S. cryptocurrency exchange platform, filed a lawsuit this month against the Treasury Department on behalf of Tornado Cash users.

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