Hillary Clinton criticized cryptocurrency exchanges who refused to ban Russians saying, “I was disappointed to see that some of the so-called crypto exchanges, not all of them but some of them, are refusing to end transactions with Russia – you know, from some I don’t know, philosophy of libertarianism or whatever.”

Analyst Comment: Crypto bulls have long held that cryptocurrencies are resistant to government efforts to control them. As sanctions on Russia are implemented, and Russians pile into cryptocurrencies as an alternative to the locked-out Ruble, it looks like that thesis is going to be tested. The Russian invasion of Ukraine provides the perfect cover for governments to attempt a crackdown on crypto. We’ll see how cryptos like Bitcoin and Etherium handle the pressure and what governments will try to bring crypto under their control.