Venezuelan Encryption Monetary Plan Ahead of Sentencing in US Sentry

nRunaway commentary: the United States Senate held a hearing later in the meeting for Venezuela to support the value of oil stocks, the issue of encrypted currency plan, the two major financial market regulators answered a series of questions, but did not specifically statement, but stressed that the protection of investors Stakeholder position. However, the Venezuelan plan apparently has already caused some dissatisfaction with some lawmakers and the legal field.n
nTranslation: Annie_Xun
The Venezuelan issue of oil-backed cryptocurrency plans in the U.S. Senate hearings spark controversy and debate.n
Senate Committee on Banking, Housing and Urban Affairs organized a hearing at 10:00 am EDT, with CFTC Chairman J. Christopher Giancarlo and SEC President Jay Clayton answering many questions, including New regulations to strengthen their position as market regulators.n
However, late in the meeting, it was mentioned that Venezuela and the President of the country may use the encrypted currency based on Ethereum to circumvent the sanctions and shift the focus of discussion to that of other countries.n
The issue was highlighted by Senator Bob Menendez of New Jersey to discuss whether the two big regulators could prevent other countries from using the cryptocurrency to circumvent US sanctions.n
He also highlighted the Russian government’s consideration of similar initiatives.n
Clayton and Giancarlo did not give a definitive answer, but the latter said the CFTC “would not hesitate to take action” if cryptocurrencies were used to trick U.S. consumers.n
n”Of course we will pay attention to it.”n
nFlorida Senators Marco Rubio and Menendez co-drafted and lashed out Venezuela’s plan in a January submission to the U.S. Treasury.n
n”We very much doubt whether Venezuela is capable of issuing cryptocurrencies, but in any case, the U.S. Treasury Department must have the tools and enforcement mechanisms to combat any use of cryptocurrencies to evade U.S. sanctions, especially in this case.”n
nIn addition, the law field is also enthusiastically commenting on the role of cryptocurrencies in evading sanctions.n

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