US Senators Propose Bill to Enforce Sanctions on Crypto Transactions
Four US Senators have introduced a new bipartisan bill aimed at enforcing sanctions on foreign parties that engage in transactions with terrorist organizations. Republican Senators Mitt Romney and Mike Rounds, along with Democrats Mike Warner and Jack Reed, are proposing the Terrorism Financing Prevention Act. The bill seeks to crack down on the funding of terrorist groups like Hamas by expanding sanctions to cover all US-designated Foreign Terrorist Organizations (FTOs) and other foreign parties acting on their behalf. According to the press release, actors identified as FTOs will either have restricted access to their US bank accounts or be unable to transact crypto assets with people in the US.
Romney: Urgent Action Needed to Counter Cryptocurrency’s Role in Financing Terrorism
Senator Romney emphasizes the urgency of taking action against the role of cryptocurrency in financing terrorism, particularly following recent attacks by Hamas on Israel. He states that the proposed legislation would equip the Treasury Department with additional resources to counter terrorism and address emerging threats involving digital assets.
Hot Take
A new bipartisan bill introduced by US Senators aims to tighten sanctions on foreign parties that engage in crypto transactions with terrorist organizations. The bill, known as the Terrorism Financing Prevention Act, would expand sanctions to cover all US-designated Foreign Terrorist Organizations (FTOs) and foreign parties acting on their behalf. This move is seen as a response to recent attacks by Hamas and highlights concerns about the role of cryptocurrency in funding terrorism. If passed, the legislation would restrict access to US bank accounts for designated actors or prevent them from transacting crypto assets with individuals in the US.
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