US lawmakers claim Hamas used crypto for attacks; crypto groups dispute, say laws would only punish law-abiding users
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Senator Elizabeth Warren and other US lawmakers claimed Hamas used crypto to fund attacks on Israel. Crypto advocacy groups disputed this, saying only a small fraction of Hamas funding comes from crypto.
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Warren proposed anti-money laundering laws for crypto, but advocacy groups said this would punish law-abiding US crypto users without stopping illicit overseas activity.
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Advocacy groups said transparent blockchain transactions actually help investigators track illicit crypto activity, as Hamas itself stopped using Bitcoin.
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Warren previously blamed crypto for enabling drug production and sanctions evasion in Russia's war in Ukraine. Crypto groups urged examining resources for agencies fighting crime instead of politicizing crypto.
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Warren's proposed crypto laws are stalled amid turmoil of Republicans unable to elect a House Speaker, leaving crypto-supporter Patrick McHenry as interim Speaker.