Administration, Congress target crypto role in terror attacks

Policymakers announced efforts to address the role of crypto-assets in the Oct. 7 Hamas attacks on Israel.

Treasury Sanctions: The Treasury Department’s Office of Foreign Assets Control announced sanctions on 10 key Hamas terrorist operatives and financiers, including a Gaza-based virtual currency exchange and its operator. OFAC said the Buy Cash business uses virtual currency services to raise funds for Hamas and to transfers funds by affiliates in other terrorist groups.

Bipartisan Letter: Separately, a bipartisan group of more than 100 Senate and House lawmakers called on the White House and Treasury Department to provide details on how they plan to prevent the use of crypto for financing terrorism. The joint letter cites reports that Hamas and Palestinian Islamic Jihad used crypto to raise millions of dollars and evade U.S. sanctions.

ICBA View: ICBA has repeatedly called on policymakers to ensure new policies directed at the crypto sector fully reflect its risks, including to national security. A new ICBA blog post recaps the significant upheaval in the digital assets market over the past year, including the significant rise in terrorist groups using the Tether stablecoin to raise money.

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