Senator Elizabeth Warren and over 100 other lawmakers have raised concerns about the use of cryptocurrency for terrorist financing and have called on the Biden administration to address the issue. They specifically mention the Hamas terrorist organization raising funds through cryptocurrency for attacks against Israel. The lawmakers are seeking information on how these criminal organizations are evading US sanctions and what steps the Biden administration will take to combat terrorist financing with cryptocurrency. They highlight that Hamas and Palestinian Islamic Jihad have raised $130 million in cryptocurrency funds between August 2021 and June 2023. The difficulty in tracking cryptocurrency transfers makes it challenging for governments to crack down on terrorist financing, which hampers efforts to combat insurgency. The lawmakers emphasize the urgent need for a stronger plan from the Biden administration regarding the use of cryptocurrency by terrorists.
This request comes amid ongoing conflict between Hamas and Israel. The US Treasury has recently imposed new sanctions on individuals and entities involved in terror financing, including a Gaza-based virtual currency exchange.
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