86 U.S. lawmakers urge the Biden administration to formulate a plan to prevent cryptocurrencies from being used for terrorist financing

Odaily News 86 members of the U.S. Congress have pressured the Biden administration to detail how it plans to prevent radical groups from using cryptocurrencies in terrorist financing. Led by Senators Elizabeth Warren and Roger Marshall and Representative Sean Casten, they sent a letter to the U.S. Treasury Department and the National Security Council on October 17 stating that Hamas and Palestinian Islamic Jihad (PIJ) were involved in the attack on Israel several days before Hamas attacked Israel. A huge amount of money has been raised via cryptocurrencies over the past month. According to the Wall Street Journal, the organizations raised more than $130 million in cryptocurrency from August 2021 to June this year, and PIJ sent more than $12 million in cryptocurrency to Hezbollah since 2023. As Congress considers legislative proposals aimed at mitigating the risks of cryptocurrency laundering and illicit finance, we urge the administration to act quickly to forcefully curb illicit cryptocurrency activity and protect the security of the nation and our allies, the lawmakers wrote. (Bloomberg) )