Senators ask the Treasury Department to ensure Russians can’t use cryptocurrency to evade sanctions

Senators Elizabeth Warren, Mark Warner, Jack Reed, and Sherrod Brown have called on the Treasury Department to make sure cryptocurrency is not used to evade sanctions imposed on Russia.

In the letter sent Wednesday, the senators asked Treasury Secretary Janet Yellen if the Office of Foreign Assets Control had a way of making sure the crypto industry was complying with sanctions.

“Strong enforcement of sanctions compliance in the cryptocurrency industry is critical given that digital assets, which allow entities to bypass the traditional financial system, may increasingly be used as a tool for sanctions evasion,” the letter stated.