Tag: Policy

“Es difícil” mover miles de millones de dólares en cripto, señaló Redbord. Es posible que algunos oligarcas recurran a las criptomonedas, pero quizá no sea su primera opción. Redbord, quien trabajó en el Departamento del Tesoro de EE.UU. antes de incorporarse a TRM, dijo que cripto podría formar parte de la estrategia para evadir sanciones, pero agregó que los oligarcas ya tienen un complejo conjunto de herramientas a las que podrían recurrir en primer lugar para preservar su riqueza, incluyendo el uso de empresas ficticias y la compra de arte de lujo.

Sen. Pat Toomey (R-Pa.), the ranking member on the Senate Banking Committee, said he was “encouraged” by the administration’s acknowledgement of the sector and its growth. “As the White House itself stated, the U.S. must maintain its leadership in this space, which is why lawmakers and regulators should do nothing to harm America’s long-standing tradition of fostering technological innovation,” he said.

Meanwhile, India is on the verge of passing a proposal that would levy a 30% tax on any income generated from crypto transactions, and the country has plans to introduce a central bank digital currency (CBDC), or digital rupee, by the end of the year. When it comes to regulating crypto, the world is watching carefully what the U.S. is doing, according to Du Jun, co-founder of Huobi, one of the world’s largest crypto exchanges founded in China and now based in the Seychelles. Biden’s executive order is an official acknowledgment of crypto and a step in the right direction for encouraging mass adoption of digital assets, he said.

“It’s hard” to move billions of dollars worth of crypto, Redbord noted. It’s possible some oligarchs might turn to crypto, but that may not be their first choice. Redbord, who was with the U.S. Treasury Department prior to joining TRM, said crypto could be part of the sanctions-evasion playbook, but oligarchs already have a complex set of tools they might turn to first to preserve their wealth, including the use of shell companies and purchasing high end art.

“It’s hard” to move billions of dollars worth of crypto, Redbord noted. It’s possible some oligarchs might turn to crypto, but that may not be their first choice. Redbord, who was with the U.S. Treasury Department prior to joining TRM, said crypto could be part of the sanctions-evasion playbook, but oligarchs already have a complex set of tools they might turn to first to preserve their wealth, including the use of shell companies and purchasing high-end art.