Hamas' Cryptocurrency Ties May Add Momentum to Senator Warren's Anti-Crypto Bill

Oct 14, 2023

By Ruholamin Haqshanas | @ruholamin-haqshanas

The revelation that the recent attack in southern Israel, which allegedly resulted in the deaths of 1,200 Israelis, was partially funded with cryptocurrency has added fuel to the efforts led by Senator Elizabeth Warren and others to advocate for crypto legislation.

Warren's proposed bill, which has faced opposition from the Chamber of Digital Commerce due to concerns about stifling innovation and market security, seeks to expand anti-money laundering requirements outlined in the Bank Secrecy Act (BSA) to include digital asset wallet providers, crypto miners, validators, and other network participants.

While the bill was not initially expected to pass this year, the involvement of Hamas in the attack could bolster Warren's argument.

"We believe this materially improves prospects for the Digital Asset Anti-Money Laundering Act of 2023 as it makes it politically difficult for any lawmaker to stand in the way of tougher AML/BSA for crypto," Jaret Seiberg, an analyst at TD Cowen, said in a research note.

Although the legislation was introduced in July, it has not yet made significant progress toward committee approval. 

However, Senator Warren has seized on the Hamas news to underscore the urgency of her proposed measures. 

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