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US Senator Elizabeth Warren is once again calling for an anti-crypto crackdown amid a new government report suggesting that certain nations are using digital assets to avoid sanctions.<\/p>\n
Warren (D-Massachusetts), a longtime crypto critic, tells<\/a> her 6.8 million followers on the social media platform X that a U.S. Governmental Accountability Office (USGAO) report shows<\/a> why her bill<\/a> cracking down on digital assets is necessary.<\/p>\n \u201cA new USGAO report confirms that rogue nations are using crypto to dodge sanctions and undermine our national security. It\u2019s time for crypto to follow the same anti-money laundering rules as everyone else. I\u2019ve got a bill to make it happen.\u201d <\/em><\/p>\n Among the report\u2019s findings<\/a> is that since crypto transactions are recorded on a public ledger, law enforcement may have an advantage in tracking sanctions violators.<\/p>\n \u201cDigital assets like Bitcoin and other virtual currencies pose risks to implementing and enforcing U.S. sanctions, but several factors partially mitigate these risks. A key feature of digital assets is that they enable users to rapidly transfer value across countries\u2019 borders. <\/em><\/p>\n Yet many digital assets are recorded on a public ledger, which may enable U.S. agencies and analytics firms to trace transactions and potentially identify illicit actors. However, digital asset owners also may use the anonymizing features of some digital assets or other techniques that obscure their identities in an attempt to evade sanctions.\u201d <\/em><\/p>\n The report also finds that the implementation of \u201cglobal anti-money-laundering standards\u201d on cryptocurrencies could help prevent digital assets from being used to evade sanctions.<\/p>\n Warren\u2019s X post received a community note<\/a> calling attention to a U.S. Treasury Department National Money Laundering Risk Assessment report from 2022 that \u201cstates that fiat is the preferred currency for financial crimes.\u201d<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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