Senators Elizabeth Warren, Elizabeth Warren, Sherrod Brown, and Jack Reed wrote a letter to the Secretary of the Treasury, Janet Yellen inquiring about the progress that the agency has in monitoring and enforcing sanctions compliance by the crypto sector. Also, Senators expressed their concerns about illegal activities that can be done with the use of crypto.
Related: Ukrainian Politician Asked Crypto Platforms To Ban Russian Users
It was mentioned in the latter that digital assets and alternative payments methods can make it easy to avoid US and global sanctions for Russia. Speaking at the University of Illinois Chicago’s Innovation Center, Janet Yellen said that the US will monitor the situation. Answering the letter, she said the agency will keep looking at how restrictions work, check if there are missing points, and work to solve them.
Yellen added that she often hears about crypto and that the sector must be regulated. However, she noted that crypto isn't the only industry where things can be circumvented.