Lawmakers Warn Biden Administration of Crypto's Terrorist Financing Risks

U.S. Senator Elizabeth Warren and over 100 lawmakers sent a letter to the Biden administration raising concerns about cryptocurrency being used to finance terrorism.

The bipartisan group cited reports that Hamas used crypto donations in the months before attacking Israel.

The lawmakers asked the administration to provide details on how they will prevent crypto financing of militant groups.

Warren has advocated legislation to target money laundering and sanctions abuses in crypto, co-sponsored by Senator Roger Marshall.

The Treasury announced new sanctions on entities tied to Hamas, including a business accused of being a bitcoin conduit.