A Bipartisan Group of Lawmakers Urges Action Against Crypto Financing of Terrorism
A bipartisan group of more than 100 lawmakers, led by Senators Elizabeth Warren (D-MA) and Roger Marshall (R-KS), is putting pressure on the Biden administration to address the growing use of cryptocurrencies in financing terrorist activities. This comes after recent reports revealed that Palestinian militant group Hamas received tens of millions of dollars in crypto donations in the past few years.
Lawmakers Express Concern Over Crypto’s Role in Funding Hamas Attacks
The legislators sent a letter to top administration officials expressing alarm over the use of cryptocurrency to finance terrorism. They cited a Wall Street Journal report stating that Hamas received approximately $41 million in crypto funds over the past two years, while another group, Palestinian Islamic Jihad, accumulated up to $93 million.
Key Points:
- A bipartisan group of over 100 lawmakers, led by Senators Elizabeth Warren and Roger Marshall, are demanding answers from the Biden administration about cryptocurrency’s role in financing recent Hamas attacks on Israel.
- Hamas received around $41 million in crypto donations over the past two years, while Palestinian Islamic Jihad received up to $93 million.
- The lawmakers want information from the Treasury Department and White House on how they plan to address the issue of crypto financing for terrorist organizations.
Lawmakers Call for Action Against Cryptocurrency Financing of Terrorism
The lawmakers are calling on the Treasury Department and White House to provide details on their plans for curtailing the use of cryptocurrencies by foreign terrorist organizations. Many militant groups now actively seek crypto donations as a way to bypass sanctions and traditional finance channels.
Senators Warren and Marshall have been advocating for legislation to regulate cryptocurrencies and crack down on illicit use. However, the bill has faced objections, with some arguing that existing laws already cover terrorist financing. In response, the administration announced new sanctions targeting crypto exchange services that assist Hamas.
The bipartisan group emphasized the need for strong action to prevent cryptocurrencies from aiding terrorism. They urged Congress and the administration to address crypto risks before they lead to further tragedy. The lawmakers also requested information on proposals for combating money laundering and terrorism financing as legislative options are considered.
Cryptocurrency professionals have cautioned that broad regulations could have a significant impact on the industry. However, the increasing evidence of crypto donations benefiting Middle Eastern militant groups has prompted lawmakers to prioritize national security threats.
The demands for accountability highlight deep concerns in Washington regarding cryptocurrencies and their potential for harm. Lawmakers from both sides of the political spectrum are united in urging the Biden administration to take decisive steps to restrict the flow of crypto funds to dangerous organizations.
Hot Take: Addressing Cryptocurrency’s Role in Terrorism Financing
A bipartisan group of lawmakers, led by Senators Elizabeth Warren and Roger Marshall, is pressuring the Biden administration to take action against the use of cryptocurrencies in financing terrorist activities. Recent reports revealed that Palestinian militant group Hamas received millions of dollars in crypto donations. The lawmakers are demanding information from the Treasury Department and White House on their plans to address this issue.
While Senators Warren and Marshall have advocated for legislation to regulate cryptocurrencies, objections have been raised regarding existing laws covering terrorist financing. The administration has instead imposed sanctions on crypto exchange services assisting Hamas. The bipartisan group is urging forceful action to prevent cryptocurrencies from aiding terrorism and is seeking proposals for combating money laundering and terrorism financing.
Lawmakers are concerned about the potential harm caused by cryptocurrencies and are calling for accountability. Their demands highlight the need to restrict the flow of crypto funds to dangerous organizations. The response of the Biden administration will shape the regulatory landscape surrounding cryptocurrencies in the coming months.
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