The legitimacy of crypto questioned over terrorist activities
The involvement of cryptocurrency in illicit activities has raised concerns about its legitimacy. A US senator, Sherrod Brown, has recently questioned the secretary of the Treasury, Janet Yellen, about how the country plans to combat digital asset transactions used in terrorist activities. Senator Brown highlights the need for updated methods and laws to address the loopholes that terrorists exploit.
Janet Yellen acknowledges loopholes in the current system
In response to Senator Brown’s questions, Secretary Janet Yellen admits that there are certain loopholes in the current system. The Treasury Department has identified these drawbacks and has prepared a list of suggestions to strengthen surveillance and prevent illicit use of cryptocurrencies in the future.
Growing concern over crypto’s role in supporting terrorism
The issue of cryptocurrency’s involvement in terrorist activities has gained renewed attention, particularly due to recent conflicts between Israel and Palestine. Reports suggest that cryptocurrencies have been used by extremist organizations like Hamas, prompting calls for government action. Cryptocurrencies provide a means for anonymous transactions, making them attractive for illicit purchases.
Tightening regulations against crypto use in terrorism
In response to the increasing use of virtual assets in terrorist activities, the US government is taking steps to tighten regulations. Nonpartisan senators have introduced a new law targeting digital assets used in terrorist operations. This marks an important move towards preventing cryptocurrencies from being used to finance terrorist activities.
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