Russia’s Exploitation of Tether USDT in Bypassing Sanctions
Wally Adeyemo, the Undersecretary of the U.S. Treasury, has expressed alarm over Russia’s growing reliance on alternative payment modes, particularly Tether USDT, to circumvent sanctions and sustain its military endeavors. These concerns were raised during a hearing named ‘Countering Illicit Finance, Terrorism, and Sanctions Evasion.’ In his statement, Adeyemo pointed out numerous cases of cryptocurrency misuse by terrorist organizations and rogue nations, including Russia’s dependence on stablecoins such as Tether USDT. Despite advancements made by the Treasury in curbing unlawful finance, there is a pressing need to amplify efforts to thwart these malevolent operations. Calls were made for the Treasury to develop additional sanction tools specifically aimed at digital asset providers, and an appeal was made for Congress to enact laws that would extend the agency’s jurisdiction for efficacious supervision. This urgent call echoes within a context of ongoing discussions about the role of cryptocurrencies in unlawful financial activities. Bipartisan bills geared towards addressing sanctions evasion and cryptocurrency started to emerge in 2022, but are yet to progress beyond the committee markup phase. Hence, the issue of Tether USDT sanctions evasion remains a critical concern in the realm of cryptocurrency.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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