In a series of recent hearings and public statements, U.S. Treasury officials, including Undersecretary for Terrorism and Financial Intelligence Brian Nelson, clarified the role of cryptocurrencies in illicit finance, particularly in relation to terrorism financing. Nelson, under questioning from GOP Majority Whip, confirmed that digital assets play a limited role in financing terrorism, in response to concerns raised over a Wall Street Journal report on Hamas's digital asset fundraising campaign. Nelson stated that the report's figures were inaccurate and emphasized that cryptocurrencies are not a popular tool among Hamas terrorists. Additionally, it was highlighted that the numbers Senator Warren cited regarding Hamas and crypto were false and misleading, according to the Treasury Department. This clarification comes amid growing criticism that illicit finance is being used as a justification to restrict innovation in the digital asset ecosystem. Rep. Emmer and others pointed out that fiat currency dwarfs crypto in terms of money laundering, challenging the narrative that crypto funds terrorism. Moreover, the US Treasury is set to outline its fears about the use of crypto in illicit finance at an upcoming hearing, further debunking Sen. Warren's letter to the White House on the subject.
The US Treasury Dept. has weighed in: >The WSJ figures on Hamas’ crypto fundraising were incorrect >Which means Warren’s letter to the White House on the subject was based on false information >Fiat dwarves crypto in terms of money laundering Got anything to say @SenWarren? https://t.co/UEdlLywqcf
The U.S. Treasury’s Undersecretary for Terrorism and Financial Intelligence Brian Nelson confirmed that terrorist groups like Hamas and PIJ are using crypto in relatively small amounts compared to what is being widely reported. @tikta_ reports https://t.co/Aq182Rbi28
A U.S. Treasury official has stated that crypto have a minor role in funding militant groups like Hamas and Palestinian Islamic Jihad, challenging previous claims of major terrorism financing https://t.co/U3Gs4c7XIj
U.S. Treasury Debunks Narrative That Hamas Relied on Crypto to Fund Terrorism https://t.co/URdtoxuXdu via @coindesk
US Treasury Official Destroys 'Crypto Funds Terrorists' Narrative https://t.co/blcrrmBvJt
In a hearing today, @USTreasury representatives said crypto represented only a small portion of illicit finance, particularly when it came to terrorism, @benjaminopowers reports https://t.co/mxqtZBrPIw
The Warren Narrative is Crumbling It’s now a matter of congressional record that the numbers Sen. Warren cited re: Hamas and crypto are false and misleading. According to whom? Our own Treasury Department. Rep. Emmer: “Hamas is using crypto in relatively small amounts compared… https://t.co/JbB4c1tlsL
Today, I asked Treasury's Head of FinCEN and OFAC about the WSJ's reporting on Hamas's digital asset fundraising campaign. Undersecretary Nelson CONFIRMED, on the record, that the WSJ's numbers were inaccurate and that crypto was not even a popular tool for Hamas terrorists. https://t.co/Y2nSJfe3Lk
Critics are increasingly citing illicit finance as justification to restrict innovation in the digital asset ecosystem. Under questioning from @GOPMajorityWhip, @USTreasury Undersecretary Nelson confirmed digital assets play a limited role in financing terrorism. 📺👇 https://t.co/z9DK986ohg
ICYMI: US Treasury will outline fears about use of crypto in illicit finance at upcoming hearing https://t.co/xjvgZrUz1T