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Crypto-friendly Republican Representative Tom Emmer criticized the US Treasury for its late rebuttal of Senator Elizabeth Warren’s false claims associating cryptocurrencies with the financing of terrorism. Emmer voiced his concerns that the Treasury Department did not properly manage the process amid controversial claims by Warren about cryptocurrency’s role in financing terrorism. This criticism followed the recent revelation by the Wall Street Journal that data on cryptocurrency’s link to terrorism was incorrectly labeled.
US Treasury Criticized Over Crypto Currency Stance
Emmer specifically criticized the US Treasury Department for not immediately correcting the misinformation spread by the media, considering Warren’s strong anti-crypto stance. He argued that the Department had the correct data from the beginning but refrained from making corrections until significant damage was done to the reputation of the crypto industry.
Sharing his views on social media platform X, Emmer expressed his disappointment, stating, “The US Treasury had the right data from the beginning and had the responsibility to correct the false narrative created by the media, but failed to do so until damage was done.” The erroneous report fueled Warren’s anti-crypto campaign and helped garner support for her proposed legislation, the Anti-Money Laundering Act in Cryptocurrencies.
Despite Warren’s efforts to malign the crypto industry, her stance met with opposition from some of her colleagues. Moreover, US Treasury officials refuted Warren’s claims that cryptocurrencies were used for terrorist attacks in the Middle East; this development surprised many in the regulatory field and provided relief to the crypto world.
Brian Nelson’s Statement Surprises Crypto Critics
Emmer’s criticism came after Under Secretary for Terrorism and Financial Intelligence Brian Nelson of the US Treasury Department stated that claims linking cryptocurrencies to the financing of terrorism in the Middle East were exaggerated. Nelson’s comments during the House Financial Services Committee oversight hearing dealt a significant blow to Warren’s narrative, debunking the idea that cryptocurrencies primarily serve as a financing mechanism for terrorist groups, including Hamas.
According to Nelson, terrorists still predominantly use traditional financial channels rather than cryptocurrencies for their funding efforts. As reported by FOX Business, Nelson said, “We have found that terrorists still prefer to use traditional products and services.”
