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What you need to know about today’s Senate hearing on Russia’s illicit crypto use

The Senate Banking Committee is hosting a hearing on crypto’s use in illicit finance on Thursday. The hearing follows up on a wave of speculative worry that Russia will use crypto to evade recent sanctions.
The committee
Certain progressives on the committee — most notably, Elizabeth Warren (D-MA) — have firmly staked out a political base that simply does not like crypto and will almost certainly use the opportunity to denounce the industry writ large.
Indeed, Warren and three of her fellow party members on the committee wrote to the Treasury earlier this month, asking for answers as to the agency’s work on crypto in sanctions evasion, foreshadowing the announcement of this hearing.
There has been speculation that Warren will use the hearing to introduce legislation barring crypto exchanges from operating in Russia. Some aspects of her legislation-in-progress have been reported in the media.
Bitcoin advocate Cynthia Lummis could also use the hearing to speak about aspects

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