The Biden Admin is now urged by hundreds of U.S. lawmakers to crack down on the use of cryptocurrencies by Hamas terrorists.
A bipartisan group of lawmakers claims that this terrorist organization might have used digital assets to fund its recent deadly attack on Oct. 7.
These lawmakers are currently being led by U.S. Senators Roger Marshall, and Elizabeth Warren, as well as Representative Sean Casten.
Biden Admin Urged to Crack Down Hamas Crypto Usage
According to Reuters' latest report, 105 U.S. lawmakers signed a letter, which was sent to the U.S. Treasury Department and the White House on Tuesday, Oct. 17.
These officials expressed their grave concerns regarding the use of digital assets by the Hamas military group, as well as the affiliated organization called "Palestinian Islamic Jihad."
They warned the U.S. government that these Palestinian terrorists could be relying on cryptocurrencies to fund their inhumane operations in Israel, as well as evade recently announced U.S. sanctions.
"Congress and this administration must take strong action to thoroughly address crypto illicit finance risks before it can be used to finance another tragedy," the new letter explained.
Euronews explained that the deadly October 7 Hamas attack is a sign that the terrorist group's resources are drastically increasing.
The operations of Hamas are very expensive, especially since they are using cyberattacks, drones, and an estimated 2,500 to 5,000 rockets in a single day.
In 2014, the Palestinian militant organization was even named among the richest terrorist groups across the globe.
There's a high chance that the increasing funds of Hamas could be happening because they are using digital currencies, which are not officially regulated as of writing.
How Hamas Increases Its Funds
Aside from cryptocurrencies, the Hamas group and other Iran-linked terrorist organizations are receiving funds from different sources.
Of course, the most common source they rely on is Iran. Experts said that Israel's nemesis is allegedly donating over $100 million to Hamas terrorists every year.
Other countries, such as Turkey and Qatar, are also being accused of providing financial assistance to the Hamas terrorist group.
Another funding source that Hamas relies on is the taxes they impose on goods coming from Egypt. Most of the products they tax are fuel, construction materials, and cigarettes.
You can click this link to learn more about how Hamas increased its resources to continue its inhumane operations.
