Lawmakers Seek More Information on Crypto Use by Hamas
A group of House leaders, including Rep. Tom Emmer and Rep. Patrick McHenry, sent a letter to President Joe Biden and Treasury Secretary Janet Yellen to request more information regarding Hamas’s use of cryptocurrency. The lawmakers are leading an investigation to understand how digital assets played a role in financing Hamas, with a focus on obtaining accurate details about the extent of crypto use for illicit purposes.
Both Republicans and Democrats are concerned about the potential use of crypto in terrorist financing, prompting them to call for a fact-finding mission and raise questions about the involvement of platforms like Binance and Tether in supporting terrorism.
The Need for Context
The lawmakers emphasized the need for more context around Hamas’s operations, citing reports that Hamas-linked digital wallets received significant amounts of money. They expressed uncertainty about the accessibility and possession of these digital assets by Hamas.
Non-Crypto and Crypto Links
In their letter, the lawmakers asked specific questions about the number of digital asset wallets linked to terrorist organizations and whether any crypto linked to these groups has been seized by the U.S. government. They expect a response from Biden and Yellen by November 29.
Rep. French Hill, who leads the House Financial Services Committee’s digital assets panel, will hold a hearing to discuss crypto and illicit activity.
Hot Take: Understanding Crypto’s Role in Terrorism Financing
The lawmakers’ probe into Hamas’s use of cryptocurrency highlights the ongoing concerns about digital assets being used for illicit purposes. It underscores the need for regulatory oversight and a deeper understanding of how terrorist groups leverage crypto for funding their operations. While acknowledging that bad actors are the problem, not crypto itself, there is a call for measures to cut off avenues for illicit activity involving digital assets.
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