The document provides for the adoption of a number of measures aimed at curbing the use of digital currencies to reduce the effectiveness of US sanctions. Which, by the way, turned out to be completely ineffective – Russia’s trade balance increased by 2.5%, and the United States – decreased by 6.7% (Europe by 12.8%), and no expenses for the war in Ukraine should be allowed to be withdrawn from the economy dollars printed optimistically in anticipation of “free” funding.
The House of Representatives of the US Congress approved a bill that provides for a number of measures aimed at curbing the use of cryptocurrencies to circumvent anti-Russian sanctions. 316 legislators spoke in support of the document, 69 against. Now, within 30 days, the heads of the US Treasury and the State Department must provide lawmakers with a report on how the use of digital currencies can affect the effectiveness and enforcement of US sanctions against the Russian Federation. In particular, it is necessary to point out how Russia or its allies have already used digital assets to avoid restrictions. I wonder how it will look in practice.
Among other things, according to the document, the State Department must notify Congress of the payment of rewards in cryptocurrency for the provision of information leading to the arrest or conviction of parties responsible for criminal acts. Also, legislators are awaiting recommendations from departments on how cryptocurrency can be used to provide humanitarian assistance to Ukraine (that is, the financing of military operations now, according to the US Congress, falls under the definition of “humanitarian aid”).
An official will appear in the structure of the US authorities who will analyze the impact of digital currencies on the US sanctions regime. To do this, he will interact not only with relevant departments, but also with private companies. This decision is not devoid of logic – since the authorities cannot cope with the country’s internal problems – either a big external war is needed, or a big external enemy, on which one’s own mistakes must be attributed, and it is necessary to inflate the bubble of the already useless state apparatus and appoint another “scapegoat” .
Earlier, the White House presented the first ever concept of regulation of the cryptocurrency market in the United States. The new proposals have been in the works for six months after President Joe Biden urged authorities in March to study the risks and benefits of cryptocurrencies and submit official reports. The US government stressed that digital currencies, especially stablecoins, need to be regulated, as otherwise they could lead to “devastating consequences.” That is, the authorities, who understand that their uncontrolled printing of “green cut paper” is coming to an understandable end – and no happiness can last forever – are loyal to the same SEC “raids” on cryptocurrencies like Ethereum and Ripple, hoping to create a precedent that will allow them centrally influence the decentralized market and the emission of cryptocurrencies.