BTC-Newswire

U.S. gets ammunition against crypto as Hamas link is revealed

Press Releases Crypto News AMB-Crypto U.S. gets ammunition against crypto as Hamas link is revealed

Congress is set to delve deeper into how cryptocurrency might have played a part in the Israel attacks.
Cryptocurrency firms are proactively attempting to address this issue by improving compliance and due diligence.

The cryptocurrency industry is finding itself under increased scrutiny and political pressure as reports link digital currencies to funding for Hamas and other militant groups, alongside the ongoing fraud trial of former crypto magnate Sam Bankman-Fried.

A major turning point in the intensifying spotlight on crypto was the recent massacre in Israel. Reports suggested that groups, including Hamas, received financing through digital currencies. The very association of cryptocurrencies with terrorism financing has put the industry in the crosshairs of scrutiny.

Digital assets under more pressure than before

The U.S. Congress is gearing up to conduct a more in-depth examination of cryptocurrency’s roles, particularly in relation to the Israel attacks.

Senator Sherrod Brown, Chair of the Senate Banking Committee and a notable cryptocurrency critic, is determined to scrutinize the role of crypto. He has previously expressed concerns about its potential for enabling illicit activities.

The alleged Hamas connection has breathed new life into Senator Elizabeth Warren’s efforts to pass a bill imposing anti-money laundering rules on the crypto industry.

The legislation has been gaining support across party lines. Warren emphasized,

“There’s a growing bipartisan coalition of senators who are committed to passing this bill and fighting back against terrorism worldwide by choking off the financing.”

According to blockchain intelligence firm TRM Labs, Hamas was one of the early adopters of cryptocurrencies for financing. The group mainly relies on other funding sources. However, entities linked t

Go to Source to See Full Article
Author: Suzuki Shillsalot

Did you like this?
Tip BTC Newswire with Cryptocurrency