Lawmakers Question Biden on Plans to Prevent the Use of Cryptocurrency in the ‘Financing of Terrorism’

Biden’s administration is being asked by eighty-six Congress members about their plans to prevent the use of crypto in financing of terrorism.
Lawmakers Question Biden on Plans to Prevent the Use of Cryptocurrency in the 'Financing of Terrorism'
Lawmakers Question Biden on Plans to Prevent the Use of Cryptocurrency in the ‘Financing of Terrorism’

US lawmakers have pressured President Joe Biden and his administration on strategies to prevent bitcoin from being used to fund terrorism.

According to Bloomberg, on October 17, a group of 86 members of the US Congress from both the Democratic and Republican parties issued a letter to the administration asking for specifics on how to prevent militant organizations from utilizing cryptocurrency for “financing or terrorism.”

Senators Elizabeth Warren, Roger Marshall, and Sean Casten have cited the US Treasury Department and the National Security Council in claiming that militant groups Hamas and Palestinian Islamic Jihad (PIJ) raised millions of dollars in cryptocurrency prior to their attack in Israel.

According to the letter, both of these organizations raised more than $100 million in cryptocurrencies between August 2021 and June 2023.

Lawmakers also referenced Hamas’ latest attack on Israel, which was financed with cryptocurrency. According to MPs, Hamas has become “one of the most sophisticated crypto users in the terror-finance domain.”

“As Congress considers legislative proposals designed to mitigate crypto money laundering and illicit finance risks,” senators stated. They went on to say, “we urge you to swiftly and categorically act to meaningfully curtail illicit crypto activity and protect our national security and that of our allies.”

Senator Elizabeth Warren demanded Binance and Binance in a letter.The United States provides extensive data on their financial and regulatory compliance.

According to the senator, the exchange is a hotspot for illegal activity and has processed over $10 billion in unlawful transactions.

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