Lawmakers urge Biden administration to crack down on use of crypto by Hamas
The post Lawmakers urge Biden administration to crack down on use of crypto by Hamas appeared on BitcoinEthereumNews.com. A bipartisan group of lawmakers has voiced deep apprehension over recent reports concerning the exploitation of cryptocurrencies by terrorist organizations, including Hamas and Palestinian Islamic Jihad (PIJ), to finance their operations and sidestep U.S. sanctions. In a joint letter sent to top U.S. officials, the lawmakers forcefully called on the Biden administration to take prompt action to confront this looming national security threat. Addressed to Brian E. Nelson, undersecretary for terrorism and financial intelligence at the U.S. Department of the Treasury, and Jake Sullivan, national security advisor to the White House, the lawmakers underscored the urgency of the situation. The letter was signed by dozens of senators and congress members, including Elizabeth Warren, Roger Marshall, and Brad Sherman. Notably, industry players, including Coinbase and Chainalysis, released statements yesterday, Oct. 18, reaffirming that crypto plays a lesser role than traditional finance in terror funding that media attention may suggest. Hamas’ use of crypto The lawmakers cited revelations that between Aug. 2021 and June 2023, Hamas and PIJ had amassed over $130 million in cryptocurrency. Substantial sums had been transferred between these groups, with PIJ reportedly sending more than $12 million in cryptocurrency to Hezbollah since 2023. The letter cited a Wall Street Journal article, which reported that cryptocurrency remains one of the tools of choice for Hamas to raise funds. The letter gains added significance in the wake of a devastating attack by Hamas on Israel on Oct.7. However, no direct connection between the cryptocurrency received by these groups and the assault has been established yet. Furthermore, the letter highlights the actions taken by the Israeli government to seize cryptocurrency assets from terrorist organizations, including Hamas and Hezbollah. Notably, the National Bureau for Counter-Terror Financing in Israel recently ordered the seizure of 67 PIJ-owned accounts with Binance. Despite these efforts, experts suggest…
The post Lawmakers urge Biden administration to crack down on use of crypto by Hamas appeared on BitcoinEthereumNews.com.
A bipartisan group of lawmakers has voiced deep apprehension over recent reports concerning the exploitation of cryptocurrencies by terrorist organizations, including Hamas and Palestinian Islamic Jihad (PIJ), to finance their operations and sidestep U.S. sanctions. In a joint letter sent to top U.S. officials, the lawmakers forcefully called on the Biden administration to take prompt action to confront this looming national security threat. Addressed to Brian E. Nelson, undersecretary for terrorism and financial intelligence at the U.S. Department of the Treasury, and Jake Sullivan, national security advisor to the White House, the lawmakers underscored the urgency of the situation. The letter was signed by dozens of senators and congress members, including Elizabeth Warren, Roger Marshall, and Brad Sherman. Notably, industry players, including Coinbase and Chainalysis, released statements yesterday, Oct. 18, reaffirming that crypto plays a lesser role than traditional finance in terror funding that media attention may suggest. Hamas’ use of crypto The lawmakers cited revelations that between Aug. 2021 and June 2023, Hamas and PIJ had amassed over $130 million in cryptocurrency. Substantial sums had been transferred between these groups, with PIJ reportedly sending more than $12 million in cryptocurrency to Hezbollah since 2023. The letter cited a Wall Street Journal article, which reported that cryptocurrency remains one of the tools of choice for Hamas to raise funds. The letter gains added significance in the wake of a devastating attack by Hamas on Israel on Oct.7. However, no direct connection between the cryptocurrency received by these groups and the assault has been established yet. Furthermore, the letter highlights the actions taken by the Israeli government to seize cryptocurrency assets from terrorist organizations, including Hamas and Hezbollah. Notably, the National Bureau for Counter-Terror Financing in Israel recently ordered the seizure of 67 PIJ-owned accounts with Binance. Despite these efforts, experts suggest…
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