Warren Says Iran's 'Increasingly Lucrative' Crypto Mining Industry Used To Evade Sanctions

Crypto-mining requires huge amounts of processing power, as is seen at this bitcoin mining data centre in Canada. (Credit: AFP / Lars Hagberg)

KEY POINTS

• The senators said Tehran's crypto mining sector was a threat to US national security
• They said Iran's use of crypto to launder funds was "well known"
• The lawmakers want Sullivan, Yellen and Austin to describe efforts in combatting Iran's crypto mining sector

Iran has established an "increasingly lucrative" digital assets mining sector that it rampantly uses to evade U.S. sanctions, two senators, including a known crypto critic, told top officials this week. They demand answers on how the U.S. has so far moved to combat such activities by Tehran.