US Senators and Representatives Express Concerns Over Crypto Financing Terrorism
A letter signed by Senator Elizabeth Warren and 28 other senators, along with 76 members of the House of Representatives, highlights concerns about the role of cryptocurrency in financing terrorism. The bipartisan group addressed the letter to Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson and National Security Advisor Jake Sullivan.
The letter references a news article stating that Hamas and the Palestinian Islamic Jihad had raised over $130 million in crypto donations between August 2021 and June 2023, with very little recovery of the funds. It emphasizes the national security threat posed by crypto, particularly as Hamas has become “one of the most sophisticated crypto users in the terror-finance domain.”
The authors urge swift action to curtail illicit crypto activity and pose nine questions to the addressees regarding information about terrorist funders, measures being taken to combat crypto financing terrorism, and additional resources needed by the administration.
Hot Take: Addressing Crypto’s Role in Financing Terrorism
A bipartisan group of US senators and representatives has expressed concerns over cryptocurrency’s involvement in financing terrorism. Highlighting an article that revealed significant crypto donations to Hamas and the Palestinian Islamic Jihad, they emphasize the national security threat posed by such activities. The group calls for decisive action to mitigate illicit crypto activity and poses several questions to key officials regarding their knowledge of terrorist funders and measures being taken to combat crypto financing terrorism. As regulators grapple with addressing potential risks associated with cryptocurrencies, finding effective solutions is crucial to safeguarding national security interests.
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