Politician's crusade against a technology they doesn't understand

Even after efforts from Crypto lobbying groups some politicians are trying real hard to not to understand how Cryptocurrencies work.

The two bills have been introduced in US House and Senate that gives the Biden administration the authority to prohibit US Crypto exchanges from processing payments from Russia

The lobbying groups helping Congress "separate fact from fiction on the inability of Russia to transfer large sums of money via Crypto transactions in order to evade sanctions"

But still politicians being politicians repeating misinformation

Elizabeth Warren said

Russian oligarchs can continue to use Crypto to move their money around. So we are just going to give treasury the authorization to treat these Crypto platforms much like the banks are treated.That is, you have got to know your customer and you can't be dealing with people who are in violations of sanctions

It's no surprise that the unregulated Crypto industry has deep pockets and an army of lobbyists who are fighting against basic rules to keep customers safe, but it's shocking that they would also work to undermine U.S. national security and our sanctions regime against Russia

Democratic Rep.John Garamendi of California said

The Crypto industry fancies itself as an alternative financial system, an alternative bank. Banks have been sanctioned left, right and center and banks are pulling out of Russia

If they fancy themselves a financial mechanism, then they are in the same league, the same situation, as Bank of America or a Russian Bank

Source : https://www.cnbc.com/2022/04/29/cryptocurrency-group-lobbies-congress-against-bills-that-target-russian-oligarchs-.html