A bipartisan group of US lawmakers, led by key House members, has initiated an inquiry into the use of cryptocurrencies in financing Hamas. House Majority Whip Tom Emmer, former temporary House Speaker Patrick McHenry, Rep. French Hill, and Rep. Ritchie Torres, among others, have raised questions to President Biden and Treasury Secretary Janet Yellen. Their focus is on gaining a comprehensive understanding of digital assets' role in illicit activities, particularly in relation to Hamas.
Reports have surfaced indicating significant sums — approximately $41 million and $93 million — flowing into Hamas-linked and Palestinian Islamic Jihad-linked digital wallets, respectively, from August 2021 to June 2023. However, the exact extent to which these funds remain accessible to Hamas is still unclear. This uncertainty has driven lawmakers to seek more detailed information about the number of digital asset wallets linked to Hamas and other terrorist organizations, and whether the U.S. has seized any crypto assets linked to these groups.
The issue of crypto's use in terrorist financing has gained prominence in Washington, with concerns expressed by both Republican and Democratic legislators. They have urged federal prosecutors to investigate the potential involvement of entities like Binance and Tether in supporting terrorism through digital assets. This move reflects a broader concern about the misuse of cryptocurrencies in illicit financing, while acknowledging that the issue lies with the bad actors, not the cryptocurrencies themselves.
A hearing led by Rep. French Hill, who chairs the House Financial Services Committee's digital assets panel, is set to further delve into the matter of crypto and illicit activity. The lawmakers have emphasized the importance of understanding and disrupting the financing channels of groups like Hamas, stressing the inacceptability of terrorism financing in any form, be it cash or crypto.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
