A Bipartisan Plea Raises Concerns About Cryptocurrency and Terrorism
A group of legislators and senators, led by US Senator Elizabeth Warren, has expressed concerns about the role of cryptocurrency in financing terrorism. In a letter addressed to Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson and National Security Advisor Jake Sullivan, the group questions the use of crypto financing by Hamas and Palestinian Islamic Jihad in their recent invasion of Israel.
The letter cites a Wall Street Journal article that claims over $130 million in cryptocurrency donations were received by these terrorist organizations between August 2021 and June 2023. It highlights the growing sophistication of terrorist groups in utilizing cryptocurrencies and emphasizes the national security threat posed by crypto to the United States and its allies.
Seeking Answers from the White House and Congress
The letter calls for swift action to curb illicit crypto activity and urges the White House and President Biden to provide information on the funding of these terroristic attacks. The authors also appeal to Congress to take decisive measures against cryptocurrency’s use in funding terrorism. They seek clarity on what resources the US government needs to effectively combat this threat.
Prominent Figures Joining the Plea
Senator Warren, known for her anti-crypto stance, is joined by 28 senators and 76 members of the House of Representatives in this effort. Notably, Senator Roger Marshall and Representative Sean Casten, who are also critical of cryptocurrencies, have signed the letter. Senate Banking Committee chair Sherrod Brown, an advocate for crypto regulation, has added his signature as well. Some signatories have no previous public involvement in crypto matters.
Treasury Department’s Response
In response to these concerns, Treasury Under Secretary Brian Nelson assured that the Treasury Department is closely monitoring how Hamas and Palestinian Islamic Jihad use virtual assets for fundraising. He stated the department’s commitment to establishing transparency in the virtual asset ecosystem to combat illicit activities by criminals, rogue states, and terrorist financiers.
Hot Take: Crypto’s Role in Terrorism Sparks Bipartisan Concern
A bipartisan group of legislators and senators, led by Senator Elizabeth Warren, has raised serious concerns about the use of cryptocurrency in financing terrorism. With evidence suggesting that terrorist organizations like Hamas and Palestinian Islamic Jihad have received substantial crypto donations, the group highlights the growing sophistication of such groups in utilizing cryptocurrencies for their activities. The letter addressed to top officials seeks answers on the funding of terroristic attacks and urges decisive action from both the White House and Congress to combat this threat effectively. The plea has garnered support from prominent figures across party lines, signifying a shared concern over crypto’s role in terrorism. The Treasury Department has acknowledged these concerns and pledged to monitor and combat illicit crypto activities linked to terrorist financing.
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