Crypto industry lobbies against bills targeting Russian Oligarchs from evading U.S. sanctions using cryptocurrency

According to the Blockchain Times, The Blockchain Association is lobbying U.S. lawmakers against two bills designed to prevent Russian oligarchs from using cryptocurrency to evade sanctions imposed after the Ukraine war was launched by Putin and his army. The bills give the authority to prohibit U.S. crypto exchanges from processing payments from Russia. The Blockchain Association represents more than 70 crypto platforms. According to the article the Association is saying that cryptocurrency is not being used by wealthy Russians. Senator Elizabeth Warren has stated “…We know that Iran and other countries have evaded economic sanctions by using cryptocurrencies. So the threat is real. Russia’s good at this. That’s why it is important to have a tool available to the Treasury.

JEFFREY NEWMAN IS A WHISTLEBLOWER LAWYER WITH THE FIRM NEWMAN & SHAPIRO. HE REPRESENTS WHISTLEBLOWERS IN VARIOUS KINDS OF CASES INCLUDING SEC WHISTLEBLOWER CASES AS WELL AS WHISTLEBLOWER CASES INVOLVING SANCTION EVASION. HE CAN BE REACHED AT JNEWMAN@NEWMANSHAPIRO.COM OR AT 617-823-3217