In May, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a stark alert: Iran was using digital currencies to evade sanctions and support terrorist groups. Iran attempted to coerce ships trying to exit the Strait of Hormuz into paying tolls in cryptocurrency — something the U.S. Treasury Department has explicitly sought to sanction over the last three months. What if Congress passed legislation to help facilitate these types of corrupt payments?
This is a key question the Senate should ask itself while considering the CLARITY Act – a piece of legislation that, as drafted, would solidify glaring, dangerous and shocking loopholes for the crypto industry. This bill would omit many of the standard…
