The Latest U.S. Bill Aims to Cut Off Cryptocurrency Financing of Terrorist Organizations

The US Senate has brought forward a new bill to dry up the financial resources of terrorist organizations. This legislation gives the U.S. Treasury Department the authority to impose broader sanctions against foreign digital asset processors and financial institutions that support terrorism.

A new bill targeting the financial resources of terrorist organizations has been brought to the agenda in the United States Senate. This law specifically focuses on cryptocurrencies used to finance terrorism.

Senator Mitt Romney announced the bill on his X account. Romney; ”Hamas’ attacks on Israel have hastened the need for the U.S. to counter the role crypto plays in financing terrorism. Our bipartisan bill expands sanctions to cover all terrorist organizations—including Hamas—and addresses threats involving digital assets.”

Broader Sanction Authority Will Be Given

This bill, introduced by Senators Mitt Romney, Mark Warner, Mike Rounds, and Jack Reed, gives the U.S. Treasury Department expanded enforcement authority against foreign digital asset processors and financial institutions that finance terrorism.

Concerns about terrorist incidents such as the attacks on Israel by Hamas on October 7 and the activities of Hezbollah accelerated the creation of the bill. This law aims to strengthen the United States’ existing counterterrorism tools and prevent terrorist organizations from financing through cryptocurrencies.

The proposed law includes specific provisions that would enable the Treasury Department to impose sanctions on foreign digital asset processors and financial institutions.

Source: Cointelegraph

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