On March second Elizabeth Warren’s “oversight letters” reports Senators Warren, Warner, Brown, Reed Express Concerns to Treasury Regarding Potential Use of Cryptocurrency to Evade Sanctions.
There are growing concerns that Russia may use cryptocurrencies to circumvent the broad new sanctions it faces from the Biden administration and foreign governments in response to its invasion of Ukraine. This could include the use of dark web marketplaces that are powered by cryptocurrencies to move funds and conduct transactions; the use of crypto wallets and mixing services that allow sanctioned entities to transfer and hide their wealth; deployment of a digital ruble that would allow Russia to conduct foreign trade without converting their currency into dollars; and ransomware attacks that would allow Russian actors to recoup revenues lost to sanctions.
“These reports are even more troubling because of analyses that suggest that the cryptocurrency industry may not be fulfilling its responsibility to comply with U.S. sanctions,” the senators continued. “We are concerned that OFAC has not developed sufficiently strong and effective procedures for enforcement in the cryptocurrency industry.”
Shocking, Just Shocking
It’s shocking, just shocking to discover sanctioned countries might try to avoid sanctions.
Who couldda thunk?
I’ll be speaking soon with @Mitchellreports on @MSNBC about my new bill to ensure crypto isn’t used by Putin and his cronies to undermine our economic sanctions. Hope you’ll tune in! https://t.co/H8iTnA5Ulw
— Elizabeth Warren (@SenWarren) March 8, 2022
Graham on Warren’s Side
Warren finds an unusual ally in Senator Lindsey Graham (R., SC).
As per NBC, “Cryptocurrency is rearing its ugly head here,” Sen. Lindsey Graham, R-S.C., said last week after a classified briefing on Ukraine. “As you sanction the [Russian] central bank, which is a good thing, I worry about how the cryptocurrency could be used by the Russians to stay afloat.”
One of the draft provisions in Warren’s proposal would seek to make it easier to verify the identities of customers and transfers to private crypto wallets by requiring financial institutions to keep detailed records and submit reports to the Treasury Department.
When Does Senator Rubio Chime In?
I am working on legislation that would impose sanctions on #China if we catch trying to use their Cross-Border International Payments System (CIPS) to help #Russia get around SWIFT sanctions
— Marco Rubio (@marcorubio) March 8, 2022
In light of the above, when does Marco Rubio chime in?
Oh wait. Sorry, he already has.
Rubio, Feinstein Introduce the Sanction and Stop Ransomware Act
From Rubio’s website on August 5, 2021, Rubio, Feinstein Introduce the Sanction and Stop Ransomware Act he proposes:
- Ransomware Reporting Requirement. Require federal agencies, government contractors, and critical infrastructure owners and operators to report the discovery of ransomware operations within 24 hours, consistent with the Rubio-Warner-Collins Cyber Incident Notification Act.
- Cryptocurrency Regulations. Require the development of regulations for cryptocurrency exchanges operating to reduce anonymity of accounts and users suspected of ransomware activity and make records available to the U.S. Government in connection with ransomware incidents.
- Sanction Authority. Require the President to impose sanctions and penalties on each state designated as a state sponsor of ransomware, consistent with sanctions and penalties levied on and against state sponsors of terrorism.
Rubio and Senator Dianne Feinstein (D-CA) make another seemingly odd couple.
More sanctions, just what the world needs. After all, they have worked so marvelously …. for the weapons manufacturers.
With that, let’s return to Senator Warren.
Windfall Oil Tax
Putin’s war is causing gas prices to rise, but this is no excuse for large oil companies to pad their bottom line with war-fueled profits.
Senate Democrats are watching closely — and already working on a windfall profits tax. pic.twitter.com/J5pwkLrgrd
— Elizabeth Warren (@SenWarren) March 8, 2022
Hello Mr. President Roll the Tape
He said these things and the media never challenged him on it:https://t.co/oGNKTIctjZ
— John Misanthrope (@pulpfan02) March 9, 2022
Hello Elizabeth, you and Joe Biden say “No more drilling including offshore. No ability for the oil industry to continue to drill period. It ends,” and now you bitch about the price of oil.
You had no plan to get from where we are to the ridiculous wind-powered fantasy you seek and not only do you bitch, but resort to begging!
Team Biden Begs Venezuela
Meanwhile, team Biden crawled to Venezuela begging for oil instead of producing more in the US.
This is so stupid you could not make it up.
U.S. Officials Meet With Regime in Venezuela, to Discuss Oil Exports to Replace Russia’s
Biden team in Venezuela as U.S. seeks to split country from Russia
What a hoot.
Embargo. In Aug 2019, Trump imposed additional sanctions on Venezuela, ordering a freeze on all Venezuelan government assets in the US and barred transactions with US citizens and companies.
— Mike “Mish” Shedlock (@MishGEA) March 7, 2022
Biden Begs Saudi Arabia Too
Flashback Feb 17, 2021: President Joe Biden early on promised to take a harder line on the oil-rich Islamic monarchy than his predecessor Donald Trump did.
Flash Forward March 8, 2022: Saudi, UAE leaders ignore Biden when he calls to talk gas prices.
Saudi Crown Prince Mohammed bin Salman and the UAE Sheikh Mohammed bin Zayed al Nahyan declined Biden’s attempted outreach, the Wall Street Journal reported Tuesday.
Saudi Arabia would not even take the call!
ZeroHedge noted that In an interview with the Atlantic magazine published last week, Prince Mohammed said when asked if Biden misunderstood him: “Simply, I do not care,” adding that the US president shouldn’t have alienated Saudi leaders. “It’s up to him to think about the interests of America,” he said, adding “Go for it.”
Fun Facts
And Biden’s idiotic response …
Try to get Venezuela to supply more oil.
Taking advantage?
When idiots like @SenWarren, @AOC and Biden want to shut them down?
Those are the “fun facts” https://t.co/OrLPO7JuMI
— Mike “Mish” Shedlock (@MishGEA) March 8, 2022
We are “taking advantage of the war in Ukraine to push for more drilling!”
Well, no. Instead we go begging Venezuela and Saudi Arabia to drill instead! And to get that oil flowing again, let’s tax the hell out of all of them.
The oil industry has every reason not to trust the energy morons in this administration.
That’s the not so fun fact.
In the 2020 election campaign, Elizabeth Warren said “I am capitalist to my bones.”
Bernie Sanders replied “I am not.”
I am looking for a short video clip of that exchange. Anyone have it?
Warren After Your Pocket Too
Warren is not just after oil companies. To fund her extremely progressive socialist programs, she wants to tax everything that walks, swims, flies or is buried underground. Sunlight is undoubtedly next.
Unprecedented Fed Actions
In case you missed it, please see Unprecedented Fed Action May Have Just Started a Global Currency Crisis
This post originated on MishTalk.Com.
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“Production in the oil-rich Permian Basin is back around its pre-pandemic peak, according to Hollub, who noted the region faces significant challenges in boosting output. It’s the only shale basin in the U.S. that can increase production, she said.
Part of the difficulty is the need to offset declines from wells in the region that are past their peak. Other obstacles to growth are reverberating throughout the economy, including labor shortages and issues securing raw materials. While the industry had prepared for these hurdles, it had not accounted for a scenario in which it needed to rapidly crank out oil supply.
“The call for incremental production in the United States, at this point, especially with the supply chain challenges, can’t happen at the level that’s needed not only for our country but for the world. We’re in a significantly challenging scenario today,” she said.”
“Whether it’s US$150 oil, US$200 oil, or US$100 oil, we’re not going to change our growth plans,’’ Pioneer Chief Executive Officer Scott Sheffield said during a Bloomberg Television interview. “If the president wants us to grow, I just don’t think the industry can grow anyway.’’
To be sure, U.S. oil output will rise substantially this year and is forecast to return to pre-pandemic levels by 2023. But it probably won’t be enough to knock oil prices off their upward trajectory any time soon.
“Production in the oil-rich Permian Basin is back around its pre-pandemic peak, according to Hollub, who noted the region faces significant challenges in boosting output. It’s the only shale basin in the U.S. that can increase production, she said.
Part of the difficulty is the need to offset declines from wells in the region that are past their peak. Other obstacles to growth are reverberating throughout the economy, including labor shortages and issues securing raw materials. While the industry had prepared for these hurdles, it had not accounted for a scenario in which it needed to rapidly crank out oil supply.
“The call for incremental production in the United States, at this point, especially with the supply chain challenges, can’t happen at the level that’s needed not only for our country but for the world. We’re in a significantly challenging scenario today,” she said.”
that get them in trouble with humans because even though one human is
smaller and weaker that one bear, one bear is no match for humans ganged
together.”
military power they have and that is reason he attacked Ukraine.”
Why does everyone here hate renewables. I feel as a county we should have multi able sources of energy as national security. Sure The sun doesnt shine every day. But it appears oil has its weakness in global strife. The whole drill for American independence is bs. Look we produce most of our oil now and were paying 5 bucks a gallon. To be truly energy independent. Would have Ban imports and exports. Thats independence. .