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US Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson refuted past reports on February 14th in Congress that the terrorist organization Hamas received significant support from cryptocurrencies. Nelson stated that the financial support Hamas received from this area was minimal. Despite initial claims that tens of millions of dollars in cryptocurrency funds were used following Hamas’s attack in Israel last year, Nelson told lawmakers that all these reports were exaggerated.
He Dismissed the Figures Circulating in the Media
Following the outbreak of the Hamas-Israel war, news reports based on information from the analytics company Elliptic had claimed that significant amounts of cryptocurrency donations were made to Hamas and other groups. Revisions and data refutations from Blockchain data companies like Elliptic and Chainalysis led to a reassessment of this issue. Nelson emphasized that the extent of cryptocurrency support in financing Hamas was much lower than the reported figures.
Congress members, including Senators Sherrod Brown and Elizabeth Warren, had referred to initial reports to advocate for strict regulations on the cryptocurrency industry for national security, but Representative Tom Emmer, during the hearing, pressed Nelson to confirm that Hamas’s use of cryptocurrency was indeed relatively low compared to the initial claims.
Nelson also stated that although terrorist groups can use cryptocurrencies to some extent, their preference is still for traditional financial products and services. He highlighted that the US Treasury is focused on preventing the financing of terrorism through various means, including targeted sanctions against businesses and financial companies that facilitate illegal activities.
He Did Not Neglect to Emphasize the Crypto Threat in Terror Financing
While Nelson acknowledged that the impact of cryptocurrencies on terror financing was minimal, he reiterated the government’s resolve to address potential threats in the crypto space. Emphasizing the need for additional tools and resources to combat illegal financing in the cryptocurrency market, Nelson expressed willingness to collaborate with the US Congress in this effort.
Nelson’s statements shed light on exaggerated claims about Hamas’s crypto support, highlighting the importance of accurate information in shaping legislative efforts related to crypto regulation and national security. While the focus remains on preventing the financing of terrorism, the US Treasury aims to work in collaboration with the US Congress to enhance efforts to combat illegal financing in the cryptocurrency market.
