Crypto industry figures find themselves caught in the crossfire of escalating tensions between Russia and the United States, as the number of American citizens facing Russian sanctions continues to rise.
In the latest development, the Russian Foreign Ministry announced a new measure aimed at prohibiting Americans from traveling to Russia, exacerbating the friction between the two nations. Notably, this move also encompasses several prominent names within the sector, adding another layer of complexity to the ongoing dispute.
As the implications of these sanctions unfold, the crypto community watches closely to assess the potential impact on the industry and its key players.
Jared Bernstein: Crypto Advocate And Critic
Among the individuals banned by Russia is Jared Bernstein, who assumed the role of Chair of the CEA (Council of Economic Advisers) in February 2023.
Bernstein has been at the forefront of proposing the Digital Asset Mining Energy (DAME) tax, which seeks to impose a 30% tax on the electricity consumption of crypto miners.
Image: Freepik
Placed at the 32nd spot on Russia’s list, Bernstein has been vocal about both the potential of blockchain technology and the perceived risks associated with cryptocurrencies.
Former FBI Agent BJ Kang: Fraud Investigation
Ranking at number 147 on Russia’s banned list, former FBI agent BJ Kang is renowned for his involvement in high-profile securities fraud investigations, including the Bernie Madoff trial and the Raj Rajaratnam insider trading case.
In a surprising turn of events, Kang joined Binance.US in October 2022, drawing attention within the crypto industry.
New York Attorney General Letitia James: Regulator On The Offensive
New York Attorney General Letitia James, placed 110th on Russia’s latest sanctions list, has been an influential figure in the crypto industry. Since assuming office in January 2019, James has initiated investigations into multiple exchanges and pursued significant prosecutions.
Her decision to classify Ether as a security in her lawsuit against KuCoin sparked debates among regulators.
BTCUSD slides back into the $26K territory. Chart: TradingView.com
Russia Retaliates Against G7 Leaders’ Sanctions Threats
Russia’s latest sanctions are perceived to be a response to the recent statements made by the leaders of the Group of Seven (G7) major industrial countries.
The G7 leaders, while gathered in Hiroshima, Japan, affirmed their commitment to imposing stricter sanctions on Vladimir Putin’s regime, denouncing what they referred to as Russia’s “illegal, unjustifiable, and unprovoked war of aggression” against Ukraine.
The G7 leaders not only called for the immediate withdrawal of Russian troops from Ukraine but also pledged continuous support to Kyiv, expressing their unwavering commitment to stand by Ukraine for as long as necessary.
By imposing sanctions that encompass crypto industry figures, Russia further intensifies its conflict with the United States, leaving the crypto community closely monitoring the potential ramifications for the industry and its key players.
-Featured image from EPA-EFE/MAXIM SHIPENKOV