- Legislators in the United States introduced a bill to stop cryptocurrency use in terrorism funding.
- The lawmakers said the bill introduces sanctions to counter the emerging use of digital assets by foreign actors for terror funding.
- The legislation also introduces actions against foreign firms that conduct business with terror groups.
Lawmakers in the United States on Thursday introduced bipartisan legislation to combat the use of cryptocurrency for terrorism funding as part of a broader proposal to tighten regulatory actions against terror groups.
Indeed, the legislation titled the Terrorism Financing Prevention Act, driven by the Hamas October 7 attacks on Israel, was sponsored by U.S. Senators Mitt Romney, Mark Warner, Mike Rounds, and Jack Reed. According to Romney, the bill would “counter the role that cryptocurrency plays in the financing of terrorism … and address emerging threats involving digital assets.”
Furthermore, the bill would also introduce new sanctions on foreign parties that facilitate financial transactions with the terror groups. In addition, the legislation will expand the terror groups sanctioned in the U.S. to include Hama…
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