The crypto industry is lobbying lawmakers against 2 bills aimed at preventing Russian oligarchs from using cryptocurrency to evade sanctions. crypto bitcoin $BTC
The U.S. and many other countries placed sanctions on them after Russia began its invasion of Ukraine.The Blockchain Association has been lobbying U.S. lawmakers against two bills designed to prevent Russian oligarchs from using cryptocurrency to evade sanctions imposed on them after Russia began its invasion of Ukraine, CNBC reported last week.
The bills give the Biden administration the authority to prohibit U.S. crypto exchanges from processing payments from Russia. They would also allow U.S. authorities to sanction foreign exchanges process transactions by sanctioned Russian people or companies. The group is trying to convince lawmakers that cryptocurrency is not being used by wealthy Russians to avoid sanctions.
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