In the midst of escalating tensions between Israel and Hamas, a bipartisan group of over 100 legislators, led by Senators Elizabeth Warren and Roger Marshall and Representative Sean Casten, have issued a note urging the Biden administration to address the alleged close relations between cryptocurrency and terrorism. The lawmakers express concern over reports suggesting that Hamas has successfully evaded US sanctions and acquired millions of dollars through crypto assets. They are calling on the administration to clarify its strategy for tackling this national security threat.The letter, addressed to National Security Advisor Jake Sullivan and Under Secretary for Terrorism and Financial Intelligence Brian Nelson, highlights the concerns surrounding Hamas and Palestinian use of crypto funding. It states that between August 2021 and June of the following year, these organizations allegedly raised over $130 million in digital assets, with millions being transferred between them.The lawmakers emphasize the urgency of the situation, given the danger posed by the financing of militant organizations, and request details about the Biden administration’s plan to prevent the use of crypto for terrorism financing. They reference an article from the Wall Street Journal, which reports that researchers studying Hamas’s financing confirm that crypto remains one of several tools employed by the group to raise funds.While it is unclear whether the crypto received by Hamas directly financed a recent terrorist attack on Israel, the lawmakers highlight the group’s explicit solicitations for crypto, leaving no doubt about their intentions. They also note that both the Israeli and US governments have previously warned about the threat posed by crypto in the fight against terrorism, with Israel seizing crypto assets from terrorist organizations.Experts believe that only a fraction of the digital asset funds flowing through Hamas have been successfully captured, further emphasizing the need for action to address the risks associated with illicit crypto activity. The lawmakers call on the Biden administration to swiftly and comprehensively act to curtail such activities and safeguard national security and the security of US allies.The lawmakers have set a deadline of October 31, 2023, for the Treasury and the Biden administration to respond to questions about their plans to address the serious national security threats arising from using crypto to finance terrorism. As the debate surrounding the regulation of digital assets continues, the alleged crypto-financed terrorism adds another layer of complexity to the issue.

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Information	Details
Geography	Middle East
Countries	🇮🇱 🇺🇸
Sentiment	negative
Relevance Score	1
People	Sean Casten, Brian Nelson, Jake Sullivan, Elizabeth Warren, Roger Marshall
Companies	Hamas, Israeli government, Wall Street Journal, Department of the Treasury, US government
Currencies	None
Securities	None