Federal Reserve Chair Jerome Powell and some members of the United States House of Representatives It has called for parliamentary action on crypto in response to discussions about Russia potentially circumventing sanctions.
In a hearing on Wednesday by the House of Representatives Financial Services Committee on “Monetary Policy and Economic Conditions,” California Representative Juan Vargas had.askPowell said cryptocurrencies could be a “solution” for Russia looking to make financial transactions from the US and the European Union, which has cut the country from the SWIFT payment network, the chairman said. The Fed said the situation with Russia “It underscores the need for real digital finance operations, including cryptocurrencies.”
“What is needed is a framework. especially how to prevent cryptocurrencies These unfunded acts act as a medium for financing terrorism and criminal behavior such as tax evasion and others.”
Jim Himes, Connecticut State Representative Connecticut echoed Powell’s sentiments, praising the effectiveness of sanctions against Russia. Not a world leader in regulatory clarity cryptocurrencies
“It is time, in fact, for all of us to lead the regulatory environment. instead of a dictator terrorist and money launderers that benefited from the emergence of digital currencies including central bank digital,” Himes said. “It is time for all of us to act.”
on the other hand Senate Banking Committee members Elizabeth Warren, Mark Warner, Sherrod Brown and Jack Reed. have writtenA letter to Finance Minister Janet Yellen on Wednesday expressed concerns that Russia and other countries could use crypto to “hide cross-border transactions. for evil purposes”, including undermining sanctions. Lawmakers claim North Korea uses ‘Stolen Cryptocurrency’ to Fund Nuclear Weapons Program And Iran promotes Bitcoin (BTC) mining while under US sanctions.
“Strict enforcement of sanctions compliance in the cryptocurrency industry is critical. because digital assets This makes it possible to bypass the traditional financial system. It could be used as a tool to evade more sanctions,” the four senators said.
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