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The recent Israel-Palestine conflict has intensified the scrutiny of crypto transactions in the United States. This is predominantly due to reports suggesting militant groups, including Hamas, received financing via cryptocurrencies. The link between cryptocurrencies and the financing of global security threats is reshaping political discourse around crypto legislation. US Anti-Crypto Bill Gains Ground Hamas reportedly adopted cryptocurrencies early on, as pointed out by blockchain intelligence company Elliptic. While most of the funding still comes from traditional channels, some links to the group continued to solicit crypto donations after the attacks. The pseudo-anonymous nature of cryptocurrency transactions, combined with the decentralized platforms they run on, makes them attractive for such purposes. However, proponents argue that public ledgers and increasing sophistication in blockchain analytics can trace these transactions, ensuring transparency. Senator Elizabeth Warren has taken this opportunity to drive her anti-crypto bill further. She’s pushing for a bill that enforces new anti-money laundering rules on cryptocurrencies. Warren recently emphasized the urgent need to address “crypto-financed terrorism.” “The danger of crypto-financed terrorism is real and should be an urgent priority for Congress. There’s a growing bipartisan coalition of senators who are committed to passing this bill and fighting back against terrorism worldwide by choking off the financing,” Warren stated. Read more: Crypto Regulation: What Are the Benefits and Drawbacks? The bipartisan support Warren’s bill is receiving makes it an increasingly formidable proposition. In fact, crypto wallets linked to groups like Hamas reportedly received over $41 million since 2020, as cited by Arda Akartuna, Senior Cryptocurrency Threat Researcher at Elliptic, bolstering the arguments of crypto skeptics. Crypto Received by Hamas. Source: Elliptic Crypto Firms Unite to Prevent Illicit Activity Coinbase and other crypto firms have responded proactively to the brewing controversy. For instance, Binance collaborated with Israeli authorities to identify and halt Hamas’ fundraising efforts…

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Filed under: News - @ October 18, 2023 6:18 am