Elizabeth Warren and 100 Lawmakers Push Biden on Crypto-Terrorism Action, Despite Less Than 1% Illicit Use

Elizabeth Warren, the Democratic legislator from Massachusetts, is alarmed by the imaginable of crypto-fueled terrorism. She has rallied implicit 100 policymakers and approached the Biden administration, urging the enforcement subdivision to tackle this pressing issue. The quality follows Warren’s precocious introduced “Digital Asset Anti-Money Laundering Act.”

Warren Leads Charge Against Crypto’s Role successful Terrorism; Seeks Biden Administration’s Strategy by October 2023

In the midst of the tensions betwixt Israel and Hamas, Elizabeth Warren, alongside implicit 100 legislators, penned a bipartisan note connected Wednesday to 2 Biden medication officials. Their alarm stems from reported grounds indicating that Hamas evaded U.S. sanctions, securing millions done crypto assets. These legislature members are present pressing the Biden medication to explicate its strategy to curb crypto-aided terrorism.

Warren’s connection underscored her steadfast stance connected the request for stringent regularisation and supervision of the crypto industry. The property connection insists this advocacy aims to curb rampant illicit actions, safeguard consumers, and guarantee the fiscal system’s stableness and security.

“That the deadly onslaught by Hamas connected Israeli civilians comes arsenic the radical has go ‘one of the astir blase crypto users successful the terror-finance domain’ clarifies the nationalist information menace crypto poses to the U.S., and our allies,” the missive from 100 policymakers details.

The missive adds:

Congress and this medication indispensable instrumentality beardown enactment to thoroughly code crypto illicit concern risks earlier it tin beryllium utilized to concern different tragedy.

Traditional fiat currency, however, remains the ascendant prime for galore fiscal misdemeanors, specified arsenic wealth laundering and violent financing. Numerous studies, research reports, and fact-checks corroborate this assertion and amusement that the anonymity of currency makes it a favored instrumentality successful illicit activities. Coinbase’s April 30, 2021, fact-check details:

One of the astir communal but mendacious notions astir crypto is that it is mostly utilized by atrocious actors for illicit financing. This is conscionable not true. According to probe conducted by galore blockchain analytics companies, illicit enactment accounts for little than 1 percent of cryptocurrency transactions.

Despite these findings, Warren and her consortium of legislators are seeking clarity connected the Treasury and Biden administration’s strategies to counteract the sedate nationalist information risks associated with crypto’s alleged relation successful violent financing. The radical of lawmakers are expecting answers by October 31, 2023. The missive was addressed to Brian Nelson, the under-secretary for Terrorism and Financial Intelligence astatine the Department of the Treasury and National Security advisor Jake Sullivan.

What bash you deliberation astir Elizabeth Warren’s missive backed by 100 lawmakers? Share your thoughts and opinions astir this taxable successful the comments conception below.