Debunking the WSJ Claim
The Coinbase Chief Legal Officer (CLO) Paul Grewal is urging the Wall Street Journal (WSJ) to correct its record following recent statements from U.S. Treasury officials affirming that Hamas has not been involved in terrorism via crypto financing. Furthermore, the Coinbase CLO expressed that such misinformation could lead to misleading decisions while framing the regulatory framework for crypto.
Coinbase CLOโs Stance On Misleading Data By WSJ
In a post on X Grewal emphasized Treasuryโs stance, stating, โTreasury could not have been clearer that when it comes to illicit finance, cash is king.โ Moreover, Coinbase CLO attached a video wherein U.S. Congressman French Hill said, โJust yesterday, here in this room, Undersecretary Nelson testified that bad actors still prefer to use traditional finance rather than digital assets.โ
Additionally, Grewal referenced successful international collaboration with Israeli law enforcement, quoting Mr. Nelsonโs confirmation of prior reports that limited use of crypto by Hamas ahead of attacks against Israel. He warned against the spread of misinformation about crypto, asserting, โMisinformation on US-based crypto isnโt just irresponsible โ its potential to sway policy can be dangerous to national security.โ
To conclude the thread on X, the Coinbase CLO questioned WSJ and wrote, โWhen will we see the record corrected?โ Grewalโs call for correction comes in response to a previous WSJ report that suggested Hamas was involved in crypto terrorism, a claim now contradicted by Treasury statements.
Whatโs The WSJ & Hamas Crypto Use Controversy About?
The U.S. Treasuryย undersecretary for terrorism and financial intelligence, Brian Nelson, testified before the House Financial Services Committee, asserting that the reported ties between crypto payments and terrorist groups were misconstrued. He stated, โWe donโt expect the number is very high,โ referring to the actual amount of crypto assets reaching these groups. Thus, debunking the WSJ data that tens of millions of dollars worth of crypto were used by Hamas for terrorism.
Despite initial claims, Nelson clarified that terrorists primarily rely on traditional financial channels for support. He noted, โTerrorists still prefer, frankly, to use traditional products and services.โ Moreover, Representative Tom Emmer pressed Nelson on the issue, prompting him to affirm that the relationship between digital assets and terrorism is not as significant as previously reported.
Furthermore, Emmer urged the Treasury to formally correct the record, citing concerns about legislative decisions being based on inaccurate information. Nelson emphasized the need for enhanced tools and resources to combat illicit finance in virtual asset markets, expressing a willingness to collaborate with Congress on addressing these challenges.
Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.