Over 100 lawmakers in the United States are urging the Biden administration to clarify its efforts in combatting global terrorist financing through cryptocurrencies. This comes after reports that Hamas, the Islamist organization responsible for recent attacks on Israeli civilians, has raised millions of dollars using crypto over the past two years. Lawmakers allege that between August 2021 and June 2023, Hamas and Palestinian Islamic Jihad (PIJ) raised over $130 million in crypto, with $12 million being sent to the militant group Hezbollah this year. The lawmakers are calling on the administration to provide more details on its plan to prevent the use of crypto for terrorism financing. While Israel has already taken steps to combat financing for Hezbollah and Hamas, lawmakers argue that only a small percentage of crypto flowing through these groups has been seized, and stronger action is needed to prevent another tragedy. The letter also requests information on the amount of crypto held by these military groups and the challenges the government faces in stopping successful raises through cryptocurrency channels. Senator Elizabeth Warren, who has been critical of crypto for its involvement in various illicit activities, is among the lawmakers leading this information request. The U.S. Treasury has already taken action against a Gaza-based Bitcoin exchange and its founder for their ties to Hamas.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇮🇱 🇺🇦 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Elizabeth Warren, Sean Casten, Roger Marshall |
| Companies | Hezbollah, Senator Roger Marshall, Israeli police, Office of Foreign Assets Control, Hamas, U.S. Representative Sean Casten, Binance, U.S. Treasury, Senator Elizabeth Warren, Palestinian Islamic Jihad (PIJ), Tether |
| Currencies | None |
| Securities | None |
