Technology

Cryptocurrency group lobbies Congress against bills that target Russian oligarchs

The cryptocurrency industry has been quietly lobbying U.S. lawmakers against legislation designed to prevent Russian oligarchs from using digital currencies to evade sanctions imposed on Russian President Vladimir Putin’s allies and their companies following Russia’s attack on Ukraine. The Blockchain Association, a lobbying group that represents more than 70 crypto platforms including Ripple, Crypto.com and Dragonfly Capital, is trying to convince Congress that cryptocurrencies aren’t being used by wealthy Russians to avoid sanctions. It’s working with lobbying shop Forbes Tate Partners against legislation that would impose more sanctions on already penalized Russians who are aiming to use crypto as a way to avoid sanctions. The bill would also empower the Treasury secretary to block crypto trading platforms based in the U.S. from doing business with those in Russia.

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