Sanctions Showdown Looms for U.S. and Cryptocurrency



In this article, Brian Fleming discusses the potential for increased scrutiny on cryptocurrencies by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), which cryptocurrency players could be affected by heightened U.S. sanctions risks, and how that impact may be felt across the greater cryptocurrency ecosystem. "Although the potential sanctions risks associated with cryptocurrencies are similar in some respects to money laundering and terrorist financing risks that have garnered attention recently, they present some unique challenges," Fleming wrote. He specifically outlined the sanctions risks faced by cryptocurrency exchanges, investors, financial institutions, and government-backed cryptos.