As the Israel-Hamas war enters day 12, various political leaders have voiced their deep concerns about the ongoing humanitarian crisis. During the bipartisan artificial intelligence insight event held in Washington, Senator Elizabeth Warren urged the Biden administration to take strategic action to address the violation of the US sanction.
The Massachusetts senator led other bipartisan members to push for restricting the use of crypto assets in financing terrorist groups.
US President Visits Israel
The bipartisan proposal coincides with the Joe Biden diplomatic trip to Israel to deliberate on restoring national security. Hours before the arrival of President Biden, a hospital in Gaza was exploded by the illicit group, claiming the lives of hundreds of people.
Reflecting on the data provided by the US defense forces, President Biden described the ongoing Hamas-Israeli conflict as complex. He vowed to extend his unequivocal support to Israel to prevent the war from spilling to other countries. The diplomatic mission to Israel amid wartime has sparked concerns among US policymakers.
In a letter co-authored by 105 lawmakers, including Senator Warren and her ally Roger Marshall, the White House and Treasury Department was requested to restrict the use of crypto assets in financing the unlawful acts conducted by Hamas and the Islamic Jihad.
According to the letter, the lawmaker advises the congress and Biden administration to combat the use of crypto in terrorist financing. The lawmakers expressed their grave concerns that crypto could be used in launching another humanitarian crisis.
US Vows to Support Israel
Notably, the bipartisan proposal supports the ongoing battle to seize crypto wallets linked to Hamas. Yesterday, October 18, Tether coordinated with Israeli law enforcers to block 32 wallets tied to the Hamas group.
During the exercise, the two seized assets worth $873,118 in USDT. This move mirrors an October 10 regulatory action that resulted in the freezing of Hamas’ crypto wallets.
In this exercise, the world’s largest crypto exchange by daily trading volume, Binance, provided the Israeli authority with critical information. This decisive action resulted in the confiscation of measurable assets belonging to the Hamas group.
The Israeli police underlined that the seized funds were rerouted to the national Treasury. The collaborative approach between the crypto firms and Israeli authorities aims to address terrorist financing.
Earlier, the Israeli police had seized 190 Binance wallets linked to Hamas. The report illustrated that illicit groups have migrated to the crypto sector to finance their operation. The transition to crypto funding poses a threat to the entire financial industry.
US Lawmakers Urge Biden Administration to Address Terrorist Financing
The attempt to restore financial integrity has challenged global leaders to intervene and sabotage Hamas crypto funding. According to Senator Warren and the team, the White House has been urged to compute the total amount of crypto assets owned by Hamas.
The lawmaker demanded the exact figure in crypto that Hamas used to finance its operation. They also requested the Biden administration to investigate individuals and entities funding the Hamas and Palestine illicit groups.
Elsewhere, the Treasury Department Secretary for Terrorism Brian Nelson stated that the regulators will prioritize identifying crypto transactions linked to Hamas and the Islamic Jihad. Speaking at the Anti-Money Laundering conference in Deloitte, Nelson confirmed that the Treasury seeks to improve transparency in the crypto sector by imposing measures to restrict unlawful financial activities.
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