The Biden administration is being called upon by over 100 lawmakers in the United States to clarify its efforts at combatting global terrorist financing using cryptocurrencies.
The bipartisan letter follows reports that Hamas, the Islamist organization that launched attacks on Israeli civilians earlier this month, used crypto to raise millions of dollars over the past two years.
Terrorism and Crypto
Citing the Wall Street Journal, lawmakers alleged that between August 2021 and June 2023, both Hamas and Palestinian Islamic Jihad (PIJ) raised over $130 million in crypto, of which $12 million was sent to the Islamist militant group Hezbollah this year.
“Given the clear and present danger posed by the financing of these and other militant organizations, we ask the Administration to provide additional details on its plan to prevent the use of crypto for the financing of terrorism,” the lawmakers wrote.
Some efforts to combat financing for Hezbollah and Hamas are already underway by the
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