“We have not seen any evidence of Russia or [President Vladimir] Putin systematically using cryptocurrencies to evade sanctions at the moment,” Jonathan Levin, co-founder and chief strategy officer at Chainanalysis, told the Senate Banking Committee.
The Russian government is not using cryptocurrencies to evade economic sanctions in the wake of Russia’s invasion of Ukraine, a panel of experts told members of a Senate committee on Thursday.
“You can’t flip a switch overnight and run a G20 economy on cryptocurrency,” said Michael Mosier, former acting director of the Financial Crimes Enforcement Network, or FinCEN, referring the forum comprising the world’s 20 largest economies. Democratic Sen. Elizabeth Warren of Massachusetts argued that the U.S. has already “detected the use of crypto on the part of North Korea, Venezuela and Iran as tools for sanctions evasion,” while FinCEN recently warned that Russians “may attempt to use crypto and anonymizing tools to evade U.S. sanctions and protect their assets around the globe.”
Opponents of the legislation argued that it is overly broad and threatens to block ordinary Russians who may or may not support the Putin regime and its war in Ukraine, from accessing global digital asset marketplaces.
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