Senator Elizabeth Warren finds support in US House for effort to tackle crypto-financed terrorism

U.S. Rep. Sean Casten, D-Ill., said he plans to introduce a bill to strengthen bank secrecy act requirements for cryptocurrency following reports that Hamas raised millions of dollars through crypto ahead of attacks in Israel earlier this month.

"We will be introducing a bill that Senator Warren has already introduced on the Senate side to do that over here," Casten said. Casten did not specify which bill, but Sen. Warren reintroduced a bill in July that would crack down on the use of crypto for money laundering and sanctions evasion as well as extend Bank Secrecy Act requirements to digital asset wallet providers, miners, among other participants.

"We have spoken to representatives of the lead signatory, Senator Warren, as well as the authors of the Wall Street Journal article, to clarify this," Elliptic said. "The unique traceability of these assets have meant that the amounts raised remain tiny compared to other funding sources," Elliptic said. "No public crypto fundraising campaign by a terrorist group has received significant levels of donations, relative to other funding sources."Former House Financial Services Committee Chair Maxine Waters, D-Calif., also asked witnesses on Wednesday about cryptocurrency's connection to Iran and Hamas.

Source: Digital Coin News (digitalcoinnews.net)

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