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A bipartisan group of lawmakers in the United States Senate introduced legislation aimed at countering cryptocurrency\u2019s role in financing terrorism, explicitly citing the Oct. 7 attack by Hamas on Israel.<\/p>\n
In a Dec. 7 announcement, Senators Mitt Romney, Mark Warner, Mike Rounds, and Jack Reed said they had introduced the Terrorism Financing Prevention Act. The bill would expand U.S. sanctions to include parties funding terrorist organizations with cryptocurrency or fiat. According to Senator Romney, the legislation would allow the U.S. Treasury Department to go after \u201cemerging threats involving digital assets\u201d in the wake of the Oct. 7 attacks as well as actions by the terrorist group Hezbollah.<\/p>\n
\u201cIt is critical that the Department of the Treasury has the necessary counter-terrorism tools to combat modern threats,\u201d said Senator Rounds. \u201cThe Terrorism Financing Prevention Act takes commonsense steps toward rooting out terrorism by sanctioning foreign financial institutions and foreign digital asset companies that assist them in committing these heinous acts.\u201d<\/p>\n
\nHamas’ attacks on Israel have\u00a0hastened the need\u00a0for the U.S. to counter the role\u00a0crypto\u00a0plays in\u00a0financing terrorism. Our\u00a0bipartisan\u00a0bill expands sanctions to cover all terrorist organizations\u2014including Hamas\u2014and\u00a0addresses\u00a0threats involving digital assets.https:\/\/t.co\/MO1AnobhCg<\/p>\n