US senators say terrorism financing must stop with crypto
United States Senators Mitt Romney, Mark R. Warner, Mike Round and Jack Reed introduced the Terrorist Financing Prevention Act.
The bipartisan legislation aims to strengthen sanctions against foreign entities that facilitate financial transactions with designated Foreign Terrorist Organizations (FTOs), including Hamas.
Bill expands coverage of crypto-terrorism financing.
Previously, after the passage of the Hezbollah International Financial Protection Act in 2015, sanctions targeting mainly Hezbollah were limited.
However, the new law extends these sanctions to all US-designated FTOs, addressing an urgent need highlighted by the October 7 attack by Hamas on Israel.
Meanwhile, Senator Romney emphasized the need to challenge cryptocurrency's role in financing terrorism. The proposed legislation would equip the Treasury Department with additional resources to deal with emergencies related to digital assets.
The Terrorist Financing Prevention Act was designed to ensure the Treasury Department has the tools it needs to enforce sanctions against terrorist groups like Hamas, Senator Warner said.
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US Senators Aim to ‘Save Lives' with Crypto Terrorism Funding Act
Senator Rounds underscored the importance of disrupting terrorist financing networks. He expressed his belief that the bill would save lives by imposing sanctions on foreign financial institutions and digital asset companies that support terrorists.
The bill's bipartisan nature reflects a joint effort to strengthen national security.
Senator Reid also emphasized the importance of maintaining the integrity of the US financial system. In particular, he noted the threats posed by terrorist organizations.
The statement describes presenting foreign financial institutions and crypto firms with a choice between doing business with terrorists or maintaining access to the US financial system.
Senators believe that companies do not want to tarnish their reputation in the financial system.
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