Crypto Financing Hamas: Lawmakers Urge White House Action

💼 Lawmakers Alert White House on Crypto-Funded Attacks: A group of lawmakers from different parties sent a letter to the White House, raising alarms that Hamas is using crypto to fund attacks on Israel. They urge the Biden administration to act quickly to limit its effectiveness.

🖊️ Leaders of the Pack: Senators Elizabeth Warren, Roger Marshall, and Representative Sean Caster led this initiative, with over 100 lawmakers signing the document. They criticize Hamas and the Palestinian Islamic Jihad for using crypto to fund terrorism and dodge US sanctions.

📄 What's in the Letter? They express “grave concern” about Hamas’ actions and ask the administration to share data on how much Hamas relies on crypto. They want to know the amount of crypto in Hamas-controlled wallets and the details of people helping its crypto use.

🛡️ Call for Stronger Measures: The letter stresses the need for firm action to tackle crypto's misuse before it finances more tragic events.

💰 Hamas's Crypto Fundraising: Recent events reveal that Hamas has collected at least $44M in crypto over the last two years. The Israeli police have also seized some of Hamas's crypto wallets recently.

📊 Stats and Figures: Reports suggest that between August 2021 and June 2023, Hamas raised $41 million in cryptocurrency, as per crypto analytics firm BitOK. Also, the Palestinian Islamic Jihad received $93 million during the same period.

🏦 Senate's Stance: Senate Banking Chair Sherrod Brown is set to examine crypto’s role in the Israel-Hamas conflict. Meanwhile, Senator Warren is pushing a bill to tighten anti-money laundering rules for crypto, facing resistance from crypto firms.

🎤 Warren’s Warning: Senator Warren emphasizes the real danger of crypto-financed terrorism and calls for urgent action. She mentions a growing support among senators to pass the bill to cut off financing to terrorism.

🇺🇸 President Biden's Visit: President Biden is in Israel to meet with Prime Minister Netanyahu. A planned summit in Jordan was cancelled after a missile attack on a Gaza hospital killed at least 500. The attack was blamed on Israel by Hamas, but officials blame a misfire by Palestinian Islamic Jihadists in Gaza.

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