Senator Lummis Defends Crypto Against Accusations of Illicit Financing
In response to an article on Forbes regarding misinformation about Hamas and crypto that fooled nearly 20% of Congress, U.S. Senator Cynthia Lummis (R-WY) has come out in defense of the cryptocurrency industry. She emphasized that crypto only accounts for less than 1% of all illicit finance activity and stated that bad actors exist in every industry, not just crypto.
It was reported that Hamas had raised millions of dollars in cryptocurrency, but blockchain analytics firm Elliptic debunked these reports, stating that there was no evidence to suggest such fundraising. Nonetheless, these reports prompted 100 U.S. lawmakers to push the Biden administration to address crypto-financed terrorism.
U.S. Deputy Secretary of the Treasury Wally Adeyemo mentioned that the Biden administration is seeking more tools to combat the illicit use of crypto but also admitted that crypto is not a major source of funding for terrorist groups.
According to a report by blockchain analytics firm Chainalysis, illicit activity in cryptocurrency remains a small share of total volume at less than 1%.
Hot Take: Crypto Regulation Needed, Says Senator Lummis
Senator Cynthia Lummis believes that the solution lies in creating a regulatory structure to allow the crypto industry to operate in America instead of unregulated foreign markets. She urged Congress to take action and establish a regulatory framework for cryptocurrencies rather than demonizing the entire asset class.
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