United States-based crypto advocacy organizations are criticizing Senator Elizabeth Warren and other lawmakers for their claims about the connection between terrorist group Hamas and cryptocurrency financing. Warren and over 100 lawmakers signed a letter calling for action to curb illicit crypto activity used to fund Hamas and the Palestinian Islamic Jihad. In an op-ed, Warren claimed that “crypto-financed terrorism” posed a threat to U.S. citizens. However, crypto advocates argue that Warren’s proposed solution, the Digital Asset Anti-Money Laundering Act, would not address the issue outside U.S. jurisdictions. They argue that blockchain technology actually makes transactions public, allowing investigators to trace terrorist operatives and their financial contributors. The Blockchain Association also pointed out that only a small fraction of Hamas’s funding comes from crypto, and it is unclear how terrorists benefited from those funds in recent attacks on Israel. The association believes that the proposed bills will only punish law-abiding U.S.-based users and push industry actors to jurisdictions beyond the reach of U.S. law enforcement. Warren’s op-ed and sanctions imposed by the U.S. Treasury’s Office of Foreign Assets Control followed an attack by Hamas that led to the deaths of Israelis. Some U.S. lawmakers, including Warren, have previously blamed crypto for various issues, such as evading sanctions on Russia and the production of illicit drugs. Crypto advocates argue that instead of politicizing the issue, lawmakers should support law enforcement and national security officials with the necessary resources to combat illicit activity, including in the crypto space. It remains uncertain whether Warren’s proposed bills will progress through Congress, given the current political situation.
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, Kevin McCarthy, Patrick McHenry, Yaya Fanusie, Roger Marshall |
| Companies | Russia, House Financial Services Committee, Blockchain Association, Ukraine, Hamas, U.S. Treasury’s Office of Foreign Assets Control, Digital Asset Anti-Money Laundering Act, Binance, Crypto Council for Innovation, Wall Street Journal, Palestinian Islamic Jihad |
| Currencies | Bitcoin |
| Securities | None |
