U.S. lawmakers push Treasury to ensure Russia cannot use cryptocurrency to avoid sanctions

FILE PHOTO: U.S. Senator Elizabeth Warren (D-MA) questions Treasury Undersecretary For Domestic Finance Nellie Liang as she testifies before the Senate Banking Committee, in Washington, D.C, U.S., February 15, 2022. Win McNamee/Pool via REUTERS/File Photo

(Reuters) - Senator Elizabeth Warren and three other Democratic lawmakers on Wednesday urged the Treasury Department to ensure the cryptocurrency industry is complying with sanctions imposed on Russia, expressing concern that digital assets could be used to undermine U.S. foreign policy goals.

In a letter sent to Treasury Secretary Janet Yellen, Warren along with Senators Sherrod Brown, Mark Warner and Jack Reed questioned whether the department’s Office of Foreign Assets Control (OFAC) had effective guidelines in place to enforce sanctions compliance within the crypto industry.