US Senator Calls for Criminal Charges Against Binance and Tether Over Illicit Finance Links
US Senator Cynthia Lummis is urging the US Department of Justice (DOJ) to press criminal charges against Binance and Tether. Lummis claims that the two entities have been involved in financing illicit activity and served as intermediaries for Hamas, a Palestinian militant group.
Lummis referred to a Wall Street Journal report that alleged Hamas had received $130 million in crypto donations. However, Elliptic, a blockchain analysis and compliance firm, disputed these claims, stating that there was no evidence to support such significant cryptocurrency donations to Hamas.
Responsible Innovation vs. Bad Actors
Lummis acknowledges the potential of crypto assets and distributed ledger technology to drive responsible innovation in US financial markets. She emphasizes the importance of not labeling all crypto asset intermediaries as suspect due to the actions of a few bad actors. Many intermediaries strive to comply with US sanctions and anti-money laundering laws, recognizing the need for regulations to unlock the full potential of crypto assets and distributed ledger technology.
Hot Take: DOJ Urged to Pursue Criminal Charges Against Binance and Tether
US Senator Cynthia Lummis is calling on the Department of Justice (DOJ) to consider criminal charges against Binance and Tether over their alleged involvement in financing illicit activity. This comes after reports suggested that the two entities served as intermediaries for Hamas, although subsequent reports have questioned the accuracy of these claims. Despite this uncertainty, Lummis believes action should still be taken. She emphasizes the need to differentiate between responsible crypto asset intermediaries and those engaging in nefarious activities, highlighting that many players in the industry are committed to complying with regulations. As investigations continue, the outcome could have significant implications for the future of Binance and Tether in the US market.
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