A bipartisan group of lawmakers is urging the Biden administration to swiftly crack down on the use of cryptocurrencies by Hamas and its affiliates following the Palestinian militant group's deadly attack in Israel earlier this month.
In a letter sent on Tuesday to the U.S. Treasury Department and the White House led by Senators Elizabeth Warren, Roger Marshall and Representative Sean Casten, 105 lawmakers expressed “grave concern” that Hamas and an affiliated group called Palestinian Islamic Jihad were using digital assets to fund their operations and evade U.S. sanctions.
From its inception, the cryptocurrency community touted digital assets as vehicles for anonymous transactions, and a slew of federal enforcement actions for fraud, money laundering and unregistered coin offerings has put the industry in the spotlight.
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