Sen. Sherrod Brown, D-Ohio, called for a crackdown on the use of crypto to fund terrorism in the wake of attacks on Israel.
Senate Banking Committee Chair Sherrod Brown, D-Ohio, called for a crackdown on the use of cryptocurrency to fund terrorism and evade sanctions in the wake of attacks on Israel. His comments came as the industry has argued that recent figures being used to portray the scale of crypto fundraising by terrorist groups are being taken out of context.
Brown's comments come on the heels of some controversy over how crypto has been involved in the fundraising of terrorist group Hamas. The Wall Street Journal reported two weeks ago that Hamas, along with other militant groups, raised millions worth of crypto ahead of attacks in Israel. The WSJ cited crypto researcher Elliptic, which on Wednesday said that figures are being misrepresented.
Crypto can be a paradise for bad actors, said Dr. Shlomit Wagman, but said the Finance Action Task Force created a toolbox to trace those transactions. Wagman, who was testifying at the hearing, was the director-general of the Israel Money Laundering and Terrorism Financing Prohibition Authority, a regulator and law enforcement agency.
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