Senator Elizabeth Warren and more than 100 other legislators recently co-signed a letter voicing urgent concerns about the expanding use of cryptocurrencies to finance terrorist activities worldwide. The letter addressed key White House officials including Treasury Under Secretary Brian Nelson.
It highlighted a disturbing report that Palestinian militant groups Hamas and Islamic Jihad raised over $130 million in crypto donations to facilitate recent deadly attacks on Israel. The legislators contend this “underscores the national security threat posed by crypto” to the U.S. and allies.
While Warren has been outspoken on crypto regulation, even some legislators with no public crypto stance signed. The authors pressed the Biden administration to take decisive action to crack down on illicit crypto activities enabling terrorism and extremism.
Beyond stating their concerns, the legislators compelled Congress and the administration to tackle this issue head-on with legislation. They stressed understanding how attacks are being funded by crypto and questioned current efforts to combat this emerging national security threat.
In response, the Treasury Department and Nelson issued a statement affirming their close monitoring of virtual assets linked to hostile entities. Nelson highlighted ongoing work to mandate transparency in crypto to prevent illicit financing by terrorists and criminals. The message underscores the Treasury’s commitment to enforcing security protocols and combating the misuse of crypto by extremists.
The urgent letter indicates growing bipartisan momentum to regulate cryptocurrencies amid rising security fears. With over 100 signees, it sends a clear message that decisive action is needed to curb the use of crypto by dangerous groups.
#Cryptocurrency #Terrorism #NationalSecurity #Hamas #IslamicJihad
