Lawmakers Raise Alarm on Crypto for Sanctions Evasion as Experts Cast Doubt

Still, lawmakers want assurances from Yellen that the Office of Foreign Assets Control (OFAC), which enforces U.S. sanctions rules, will be able to maintain the blocks against Russian banks and oligarchs. Wednesday’s letter asked Yellen and OFAC to provide responses to five questions about the agency’s work, including whether decentralized finance (DeFi) arrangements could help malicious actors bypass sanctions.