Two lawmakers are pressing the Biden administration on the use of cryptocurrency to evade sanctions in Russia, Iran and North Korea.
Two lawmakers are pressing the Biden administration on the use of cryptocurrency to evade sanctions in Russia, Iran and North Korea, asking officials what additional authorities might be needed to prevent digital assets, such as stablecoin Tether from being used by sanctioned entities in Russia and elsewhere.
Warren and Marshall raised particular concern about the use of Tether, whose value is pegged to the U.S. dollar and designed to maintain a stable value. Reuters also reported this month that Venezuela's state-run oil company PDVSA plans to use Tether in its crude and fuel exports as the U.S. is set to reimpose oil sanctions on the country.
Tether Lawmakers Russian Evade Sanctions
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