Lawmakers want more answers on the Treasury's work targeting crypto in Russia's sanctions evasion.
before the House Financial Services Committee in a hearing entitled"The State of the International Financial System."
Though Yellen only said the word"sanction" once in her opening statements, it was the central focus of many of the representatives on the committee, with many on ways of tightening sanctions against Russia's government. Nydia Velásquez , the second-most senior Democrat on the committee, spotlit the role of crypto, asking Yellen:
"Many of us on this committee are concerned about a potential use of cryptocurrencies and other digital assets in order to avoid sanctions," asked Velásquez."How is the Treasury Department carrying out this pledge?" Yellen enumerated the Treasury's work on sanctioning cryptocurrencies, saying “we’re monitoring for any attempts to use cryptocurrency to evade sanctions.”
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