You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Hamas’ Cryptocurrency Ties May Add Momentum to Senator Warren’s Anti-Crypto Bill

The recent attack in southern Israel, claiming around 1,200 Israeli lives, is believed to have been partially financed using cryptocurrency. This has intensified the push for crypto legislation, notably by Senator Elizabeth Warren.

Senator Warren’s proposed legislation, which the Chamber of Digital Commerce has criticized over fears it might hamper innovation and market security, aims to broaden the anti-money laundering stipulations in the Bank Secrecy Act (BSA). This would bring digital asset wallet providers, cryptocurrency miners, validators, and other participants in the crypto ecosystem under its purview.

Despite initial predictions that the bill might not gain traction this year, Hamas’s alleged involvement in the attack might strengthen Senator Warren’s case.

Jaret Seiberg, an analyst at TD Cowen, noted, “Given the circumstances, the chances for the Digital Asset Anti-Money Laundering Act of 2023 to pass have notably increased. It would be challenging politically for any legislator to oppose stricter AML/BSA measures for the crypto sector.”

Introduced in July, the legislation has yet to make substantial headway towards gaining committee endorsement.

Nonetheless, the recent events involving Hamas have provided Senator Warren with an opportunity to emphasize the pressing need for her proposed regulations.

Posting on X (previously known as Twitter), Warren expressed her concerns, stating it’s “disturbing and a clear signal to legislators and regulatory bodies that Hamas-affiliated digital wallets amassed millions in cryptocurrencies.”

She stressed the imperative of empowering law enforcement with the right tools to tackle criminal activities financed through cryptocurrency.

The legislation was jointly introduced by Senator Joe Manchin (D-W.V.), who is often recognized for his moderate stance on key legislative issues. Republican Senators Roger Marshall (R-Kan.) and Lindsey Graham (R-S.C.) also endorsed the bill.

Subsequently, Warren secured backing from Senator Dick Durbin (D-Ill.), the Judiciary Committee’s Chair, and Senator Gary Peters (D-Mich.), the head of the Homeland Security Committee.

Although the proposal has the backing of powerful figures, its journey through the current Congress appears complex. With each political party dominating one legislative house, a vacant Speaker’s position in the House of Representatives, and looming government funding expiration on November 17, the bill’s approval might be tumultuous.

However, there’s a silver lining: a portion of Warren’s apprehensions about money laundering have been addressed in a separate legislative initiative—an amendment proposal for the 2024 National Defense Authorization Act (NDAA).

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Crypto Loans Platform Nexo Integrates Koinly to Ease User Tax Obligations
04.12.2023By
Digital Ruble Will Spark Russia’s ‘Biggest Monetary Reforms Since the 1990s’
04.12.2023By
Credefi Finance Integrates with XRP Ledger
04.12.2023By

Latest news

Crypto Loans Platform Nexo Integrates Koinly to Ease User Tax Obligations
04.12.2023
Digital Ruble Will Spark Russia’s ‘Biggest Monetary Reforms Since the 1990s’
04.12.2023
Credefi Finance Integrates with XRP Ledger
04.12.2023
The global token and blockchain platform CROWN Token Project announced a new NFT collection on its ADOT platform
04.12.2023
Ethereum Exchange Outflows Exceed $1 Billion in 3 Weeks, IntoTheBlock Reports
04.12.2023
Bitcoin Miners Hut 8 and USBTC Complete Merger, Forming New Hut 8 Corp for Upcoming Halving
04.12.2023
Bitcoin Price Nears $41,000 Amid Broader Crypto Rally
04.12.2023
Talos and Uniswap Forge Landmark Deal to Boost DeFi Access for Institutions – Adoption on the Rise?
03.12.2023
Solana DeFi Platform Jupiter Shares Airdrop Allocations – Here’s How to Check Eligibility
03.12.2023
JPMorgan Report Highlights Resurgence in DeFi and NFT Sectors
03.12.2023