- U.S. law enforcement agencies have charged a Venezuelan national for using crypto in money laundering.
- Jorge Figueira has been charged with laundering $1 billion belonging to a transnational criminal syndicate.
- The U.S. is in the final stages of a crypto legislation bill, geared to strengthen the U.S. dollars at the global scale.
The United States law enforcement agencies, led by the FBI, have charged a Venezuelan national with conspiracy to launder money. The Department of Justice will sentence Jorge Figueira, a 59-year-old, for enabling a transnational criminal syndicate launder $1 billion with the help of crypto.
Fate of Venezuela’s Crypto-backed Criminals
A federal district court is expected to issue a sentencing on Figueira, with Assistant U.S. Attorney Catherine Rosenberg as the case prosecutor. According to the announcement, Figueira faces up to 20 years in prison if convicted under U.S. law.
“By enlisting subordinates and conducting scores of transfers, Figueira sought to conceal the nature of the funds, potentially facilitating criminal activity in numerous countries,” Reid Davis, an FBI Special Agent, stated
Is the U.S. Seeking to Stash BTC Via Venezuela?
The United States has attempted to smooth out diplomatic relations with Venezuela since the dramatic capture of Nicolas Maduro. For instance, Venezuela’s opposition leader Maria Corina Machado visited the White House and handed President Trump her recently won Nobel Peace Prize.
Earlier this week, CIA director John Ratcliffe met with Venezuela’s interim President Delcy Rodriguez in Caracas. Under President Trump’s discretion, the officials discussed mutual economic benefits. Additionally, these officials discussed how to make Venezuela safe from American adversaries.
The DoJ’s case on Figueira has signaled a potential seizure of Venezuela’s $60 billion Bitcoin stash. Furthermore, the U.S. has been accumulating BTCs for its strategic reserves through seizures with the help of the DoJ.
As such, the U.S. is likely to state that Venezuela used crypto to navigate through sanctions, including oil payments via Tether USDT, thus a penalty to be paid in its BTC proceeds.
Related: Venezuela Used USDT to Pay for Oil Sales Post Sanctions: Report
Bigger Market Picture
The criminal case against Figueira is a stern reminder that President Donald Trump is committed to advancing the global influence of the United States. Furthermore, President Trump has advanced his bid to help the U.S. dollar strengthen globally amid heavy adoption of crypto in BRICS nations.
The U.S. dollar index (DXY) has dropped in the past year to hover around 99 at press time, catalyzed by the rising demand for gold and other precious metals. The recent attacks on Venezuela without the military response of BRICS forces have strengthened the U.S. dollar.
Currently, President Trump has championed the legalization of crypto in the United States under new rules. Furthermore, President Trump believes that the crypto industry and the web3 space will help advance the dominance of the U.S. dollar globally and foster public safety as recently stated by Manhattan District Attorney Alvin Bragg.
Related: Arthur Hayes Links US Venezuela Policy Shift to Bitcoin Upside
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