News

Cryptocurrencies, digital payment platforms and the rapid, technology-driven evolution of the global financial infrastructure threaten to diminish the impact of U.S. sanctions by supplanting the dollar in cross-border transactions, the Treasury Department warned Monday. In a 9-page assessment of the U.S. sanctions regime, the department noted Monday that over the past 20 years, federal officials have greatly expanded their use of asset freezes and other restrictions against drug traffickers, foreign terrorists, their leaders and financiers, and countries suspected of developing nuclear weapons, including Iran and North Korea. "The United States faces a changing world where financial innovation, shifts in global...