In the ruling, the judge called cryptocurrency’s reputation for providing anonymity to users a myth. He added that while some legal experts argue that virtual moneys such as bitcoin, ethereum or Tether are not subject to U.S. sanctions laws because they are created and move outside the traditional financial system, recent action taken by the Treasury Department’s Office of Foreign Assets Control require federal courts to find otherwise.
“Issue One: virtual currency is untraceable? WRONG. . . . Issue Two: sanctions do not apply to virtual currency? WRONG,” Faruqui wrote, adopting and crediting the staccato-delivery style of the late American political commentator John McLaughlin and his long-running television program, “The McLaughlin Group.”
Source: U.S. issues criminal charges in first cryptocurrency sanctions case – The Washington Post
