EddieJayonCrypto
15 Feb 24
U.S. Treasury Undersecretary Brian Nelson testified that reports of Hamas receiving tens of millions in crypto were blown out of proportion. The Wall Street Journal tied large crypto payments to Hamas and others, but the Treasury's undersecretary clarified that the amounts were relatively small. He ...
U.S. Treasury Undersecretary Brian Nelson testified that reports of Hamas receiving tens of millions in crypto were blown out of proportion. The Wall Street Journal tied large crypto payments to Hamas and others, but the Treasury's undersecretary clarified that the amounts were relatively small. He emphasized that terrorists still prefer traditional products and services and asked Congress for additional tools to disrupt their ability to leverage digital assets.
Just after Hamas' terrorist attacks in Israel last year, crypto took blame for helping fund such brutal killing. While the prominent media reports were later bashed by cryptocurrency experts, the U.S. Department of the Treasury's top official on terrorism financing confirmed to lawmakers on Wednesday the situation was blown out of proportion. While the Wall Street Journal in October had tied tens of millions of dollars in crypto payments to Hamas, Palestinian Islamic Jihad and others, citing a blog post by analytics firm Elliptic that was later edited, the account represented a misunderstanding of what assets actually fell into the hands of terrorists. "We don't expect the number is very high," said Brian Nelson, the Treasury's undersecretary for terrorism and financial intelligence, in testimony before the House Financial Services Committee.
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