US Lawmaker Urges Biden Administration to Develop Robust Strategy to Prevent Crypto Use to Evade Sanctions – Regulation Bitcoin News - BitcoinEthereumNews.com
A U.S. lawmaker has urged the Biden administration to develop a “robust strategy” to prevent cryptocurrency from being used to evade sanctions. “Emerging technologies like cryptocurrency offer many positive applications like humanitarian relief, but the administration has not kept pace in ensuring this novel form of currency is not used to the detriment of U.S. national security,” he said. Congressman McCaul Wants a ‘Robust Strategy’ to Prevent Crypto Use to Evade Sanctions A senior member of the House Foreign Affairs Committee, U.S. Representative Michael McCaul (R-TX), has made a number of efforts to prevent cryptocurrencys use to evade U.S. sanctions. He issued a statement Thursday urging the Biden Administration to create a “robust strategy” to stop crypto from being used to circumvent sanctions. “Emerging technologies like cryptocurrency offer many positive applications like humanitarian relief, but the administration has not kept pace in ensuring this novel form of currency is not used to the detriment of U.S. national security,” the congressman noted, elaborating: Punishing criminals is a good first step, but I urge the administration to develop a robust strategy to stop bad actors from using cryptocurrency to evade U.S. sanctions. His statement followed the sentencing of Virgil Griffith to more than five years in federal