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Representative Casten Will Introduce a Bill for Crypto Privacy!

Representative Casten

US Representative Sean Casten, D-Ill., Said he would introduce a bill to strengthen bank secrecy law requirements for cryptocurrency following reports that Hamas collected millions of dollars through cryptocurrency ahead of attacks on Israel.

Casten, in his statement to the National Security Panel of the House Financial Services Committee at a hearing held the other day, said that this law would be similar to the bill presented by Senator Elizabeth Warren from D-Mass.

US Representative Casten said, “We will present a bill here that Senator Warren has already presented in the Senate to do this.

Casten did not specify which bill it was, but Senator Warren will take tough measures against the use of cryptocurrency for money laundering and evasion of sanctions in July. He also reintroduced a bill that will expand the Bank Secrecy Act requirements to include digital asset wallet providers as well as other participants.

The use of crypto by terrorist organizations attracted attention after the Wall Street Journal published a report identifying that Hamas collected millions in cryptocurrency along with other militant groups before attacks in Israel.

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WSJ cited the crypto researcher Elliptic saying that the numbers used to portray Hamas’s crypto donations were wrong on Wednesday.

Elliptic said, “We spoke with not only the lead signer Senator Warren’s representatives but also the authors of the Wall Street Journal article to clarify this.

The company said that since the latest attacks on October 7, only $21,000 in crypto donations have been received, most of which have been frozen.

Elliptic said, “The unique traceability of these assets means that the collected amounts remain small compared to other sources of funds”. “No public crypto donation campaign run by a terrorist group received significant donations compared to other sources of funds.

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