US Treasury Raises Alarm Over Russia's Alleged Use of Tether (USDT) for Sanction Evasion
Tuesday, 9 April 2024, 19:30
Tether (USDT): A Tool for Russia's Sanction Evasion
Undersecretary Wally Adeyemo highlighted concerns over Russia's use of Tether (USDT) to evade sanctions and fund military operations. He stressed the importance of enhanced oversight and reforms to combat illicit finance in the cryptocurrency industry.
Key Reforms Proposed
- Secondary Sanctions: Adeyemo suggested imposing secondary sanctions on foreign crypto providers engaged in illicit finance.
- Industry Coverage: Expanding authority to regulate key players in the crypto industry.
- Jurisdictional Risks: Addressing risks from offshore crypto platforms.
The US Treasury's efforts to combat illicit finance in the industry align with broader strategies to secure national security and economic stability.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.