Lawmakers Urge Biden Admin for Heightened Crypto Oversight
Highlights
- Crypto oversight has become an important issue for US lawmakers right before the upcoming 2024 election.
- Lawmakers are applying pressure to the Biden administration regarding the use of cryptocurrencies to circumvent sanctions in North Korea, Iran, and Russia. US Lawmakers Urge Crypto Oversight
- With its heavy involvement in illicit activities, Tether could see heightened scrutiny in the future.
US lawmakers are urging the Biden government to keep crypto oversight as a priority since countries at present are using it for sanction evasion. According to a Reuters report, to find out what further powers could be required to stop sanctioned entities in Russia and other countries from using digital assets like the stablecoin Tether, two lawmakers are applying pressure to the Biden administration regarding the use of cryptocurrencies to circumvent sanctions in North Korea, Iran, and Russia.
US Lawmakers Urge Crypto Oversight
Crypto oversight has become an important issue for US lawmakers right before the upcoming 2024 election. Senators Elizabeth Warren (Democrat) and Roger Marshall (Republican) of the United States wrote a letter on Sunday to Treasury Secretary Janet Yellen and Defense Secretary Lloyd Austin, indicating that they are becoming more concerned about the possibility of using cryptocurrencies to get around sanctions.
Senator Warren wrote to Treasury Secretary Janet Yellen on April 16. In response to the alleged threat that cryptocurrencies pose to national security, she demanded swift action. Senator Warren expressed worries in her letter regarding terrorist groups and rogue states’ possible use of digital assets, especially stablecoins.
Read Also: Breaking: EigenLayer Floats EIGEN Token Whitepaper On GitHub
Elizabeth Warren’s Issues With Crypto Sector
The crypto oversight demand is not the first for Senator Elizabeth Warren. Warren has previously expressed her not-so-friendly stance on the crypto industry. This led to crypto voters gaining interest in John Deaton’s political campaign, especially among XRP members. Deaton is renowned for publicly endorsing cryptocurrency. Numerous members of the Web3 and XRP communities are ecstatic about his dedication to the cryptocurrency sector. Support for Deaton’s candidacy for office also corresponds with heightened awareness of Elizabeth Warren. Elizabeth Warren has been under fire for her unfavorable views of the Bitcoin business.
Tether to Be New Target for Crypto Oversight?
According to Reuters’ today’s report, Warren and Marshall expressed special worry with the use of Tether, whose value is intended to remain steady and is based on the US dollar.
Earlier last month, the Wall Street Journal revealed that Russian intermediaries were using Tether to get around Western sanctions so they could procure weaponry for drones and other military hardware. Reuters had also revealed that, in anticipation of the United States reimposing oil sanctions on Venezuela, the nation’s state-owned oil corporation, PDVSA, intends to employ Tether in its fuel and crude exports.
With its heavy involvement in illicit activities, Tether could see heightened scrutiny in the future.
Read Also: Stripe Expands Crypto Presence With Avalanche Integration
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
