Cryptocurrencies are used by millions of investors worldwide and are simplifying many tasks in the real world. The adoption of cryptocurrencies in developing and underdeveloped countries is much larger, due to the concept of equal opportunity in crypto investment (relative to traditional finance). If you invest early in the right project, you can earn thousands of times your initial investment when the product is released. This is similar to accredited investors investing early in new brands.
Senator Elizabeth Warren, one of the biggest enemies of crypto, has made a special effort following the recent Palestine-Israel incident. The goal is to convince politicians who want to support Israel that cryptocurrency finances crime. However, the latest bill was prepared by Senators Mitt Romney, Mark Warner, Mike Rounds, and Jack Reed.
A bipartisan group of lawmakers in the United States Senate is trying to curb the alleged active role of cryptocurrencies in financing terrorism, explicitly referring to the attack launched by Hamas on Israel on October 7th.
In their latest statements, Senators Mitt Romney, Mark Warner, Mike Rounds, and Jack Reed announced that they had presented the Terrorism Financing Prevention Act. The bill will expand U.S. sanctions to also cover parties that provide funds to terrorist organizations with cryptocurrency or fiat.
Senator Rounds said;
“It is critically important for the Treasury Department to have the necessary counter-terrorism tools to fight modern threats. The Terrorism Financing Prevention Act takes sensible steps towards eradicating terrorism by imposing sanctions on foreign financial institutions and foreign digital asset companies that help carry out these disgusting acts.”
Are Cryptocurrencies Aiding Crime?
The U.S. turns a blind eye to the crimes committed by Israel against civilians, young people, children, and the elderly. It is not possible for them to dare to speak out against this because they are under great pressure. In the current environment, proposals for strict measures against cryptocurrencies can be accepted without the need for logic, evidence, or truth.
In this environment where U.S. politicians compete to express their support for Israel, some have chosen to declare war on cryptocurrencies. Because those who oppose them would have to remain silent for fear of being labelled as supporting Hamas. That is exactly what is happening. But there is a problem. There is no evidence that Hamas is being financed through cryptocurrencies.
If someone says something about an issue, you ask for evidence. It’s very simple in crypto: you show the on-chain movements and say that’s why. However, there is no evidence that Hamas has collected massive donations through crypto. This is what companies like Chainalysis and Elliptic, who provide on-chain intelligence and consulting services to states, are saying. Blockchain analysis firm Elliptic reported in October that there was “no evidence” of significant crypto donations to finance Hamas’s attacks.
Furthermore, all this fuss started after a baseless report published by WSJ. However, it does not seem to concern anyone that the politicians’ claims are not based on any evidence, their only basis is the WSJ report.