Lawmakers Call for DOJ Investigation into Binance and Tether
U.S. lawmakers, Senator Cynthia Lummis and Representative French Hill, have written a letter to the Department of Justice (DOJ) urging them to investigate Binance and Tether for their alleged involvement in facilitating funding to Hamas. The call for investigation comes after a report by the Wall Street Journal claimed that Hamas used Binance accounts and Tether stablecoin to finance its attack on Israel. However, blockchain data firm Elliptic has disputed the accuracy of the report.
Request for Charging Decision
In their letter, Lummis and Hill acknowledge that the funding mentioned in the article may not be accurate. Nevertheless, they emphasize the importance of holding bad actors accountable if they are found to facilitate illicit activities. They urge the DOJ to evaluate whether Binance and Tether are providing material support to terrorism through violations of sanctions laws and the Bank Secrecy Act. The lawmakers express their support for swift action against Binance and Tether to cut off funding sources for terrorists targeting Israel.
Ongoing Investigations
The DOJ is reportedly conducting ongoing investigations into both Tether and Binance, according to reports from the Wall Street Journal and Bloomberg. These investigations aim to determine the extent of their involvement in illicit activities. It is worth noting that Senator Lummis, who is often vocal about the digital asset industry, is not anti-crypto. She is known as the “Bitcoin Senator” for her cryptocurrency advocacy on Capitol Hill and has advocated for crypto regulation.
Crypto’s Role in Financing Terrorism
While Hamas has previously collected cryptocurrency donations, experts have pointed out that assertions about crypto playing a significant role in financing terrorism during the Israel-Palestine crisis are not entirely accurate. Last week, bipartisan lawmakers demanded answers regarding the role of cryptocurrency in financing terrorism, prompting further scrutiny and investigation.
Hot Take: Importance of Holding Bad Actors Accountable
The call for a DOJ investigation into Binance and Tether reflects the lawmakers’ commitment to holding bad actors accountable if they are found to facilitate illicit activities. While the accuracy of the funding claims mentioned in the Wall Street Journal report is disputed, it is crucial to thoroughly investigate any potential involvement of crypto giants in supporting terrorism. By taking swift action against such entities, it is possible to prevent funding sources from reaching terrorists and protect national security interests.
By
By
By
By
By