Hillary Clinton Calls Out Crypto Exchanges for Letting Russia Bypass Sanctions

Hillary Clinton isn't happy that Russians are still able to use cryptocurrencies to circumvent sanctions imposed after the invasion of Ukraine.

Clinton told Rachel Maddow on MSNBC that he was disappointed to see that some of the so-calledcryptocurrencies, not all of them, but some of them, are refusing to end transactions with Russia.

Clinton told Maddow that he hoped the Treasury Department was trying to figure out how to rein in the valves that could allow Russia to escape the sanctions.

The Biden administration has imposed multiple rounds of sanctions on Russia over the invasion of Ukraine.

Russian actors can circumvent the sanctions and funnel money into and out of the country, thanks to the murky legal vacuum that cryptocurrencies exchanges are currently operating in.

The Russian ruble is getting completely crushed, but cryptocurrencies are doing well.

Decrypt points out that mainstream exchanges have yet to impose blanket bans on Russian citizens. Russian citizens would likely abide by any new sanctions against them.

Tom Keatinge, founding Director of the Centre for Financial Crime and Security Studies, told Decrypt that there was a reputation issue.

Clinton is not the only one calling exchanges to crack down on Russian users. Mykhailo Fedorov, the Ukrainian vice prime minister, called on his followers to freeze the addresses of Russian and Belarusian politicians, as well as ordinary users.

As of Tuesday, Ukraine had collected over $30 million in donations via public Bitcoin and Ethereum wallet.

Fedorov said that the Ukrainian community is ready to give a generous reward for any information about Russian and Belarusian politicians and their surroundings.

Clinton has been a supporter of regulating the technology, calling on the White House to make sure it doesn't undermine the US dollar.

There are at least some early signs of future regulation in the US.

During a March 2 testimony in front of the House Financial Services Committee, the chairman of the US Federal Reserve suggested that the current conflict underscores the need for Congressional action on digital finance.

Russians are able to sell assets via cryptocurrencies. Will the invasion of Ukraine lead to enough international pressure on the US to act?

Hillary Clinton Slams Cryptocurrencies that Haven't Banned Russian Users.

NFT scammers are using a trick to make their money look good.

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