U.S. lawmakers today urged the Department of Justice to press ahead with an investigation into Binance and Tether to see if the crypto giants have helped facilitate funding to Hamas. In a letter, Sen. Cynthia Lummis (R-WY) and Rep. French Hill (R-AR) asked on Thursday that the DOJ “reach a charging decision on Binance that reflects their level of culpability and expeditiously conclude your investigations into the ongoing illicit activities involving Tether.”
The letter comes after the Wall Street Journal reported that Hamas used Binance accounts and the Tether stablecoin to finance its attack on Israel earlier this month. Blockchain data firm Elliptic has since said that the WSJ’s reporting was inaccurate. But Sen. Lummis and Rep. Hill said in their letter that while the funding in the article “is likely not accurate,” the DOJ should “hold bad actors accountable if they are shown to facilitate illicit activity.”
The DOJ has ongoing investigations into both Tether and Binance, according to WSJ and Bloomberg reports, which both cited unnamed sources. Sen. Lummis is usually outspoken about the digital asset industry—but is not anti-crypto: She is known as the “Bitcoin Senator” for her cryptocurrency advocacy on Capitol Hill and has pushed for crypto regulation.
Hamas has long collected donations in the form of cryptocurrencies like Dogecoin and Bitcoin, according to experts. But after a letter from bipartisan lawmakers last week demanded answers regarding the role cryptocurrency plays in financing terrorism, analysts pointed out that assertions crypto plays a large role in the Israel-Palestine crisis aren’t entirely accurate.
U.S. lawmakers have urged the Department of Justice to investigate Binance and Tether to determine if they have been used to supply funding to Hamas, a designated terrorist group. While the Wall Street Journal reported that Hamas used Binance and Tether to finance its attack on Israel, blockchain data firm Elliptic has since said that the report was inaccurate. The DOJ has ongoing investigations into both companies and Sen. Lummis has pushed for crypto regulation. This is good news as it indicates the U.S. government is taking steps to ensure that cryptocurrencies are not used to finance terrorism. #CryptoRegulation #CryptoFunding #Hamas #Binance #Tether
You can read more about this topic here: Decrypt: Bitcoin Senator Urges ‘Swift Action’ Against Binance, Tether for Links to Terrorist Groups