Senate Urges Immediate Action on Crypto Regulation by President Biden
Thursday, 2 May 2024, 12:32
US Senators Urging Tightening of Crypto Regulations
Senators Elizabeth Warren and Angus King have called upon the Biden administration to tighten regulations on cryptocurrency to prevent misuse and funding of terrorist activities.
Concerns over Iran's Crypto Mining Activities
The senators highlighted concerns over Iran amassing millions of dollars through cryptocurrency, supporting domestic and international financial activities, and funding organizations like Hamas. Rogue nations exploiting AML deficiencies in the crypto ecosystem to harm people further underscore the need for stricter regulations.
Critical Role of Crypto in Modern Finance
- Crypto mining has been lucrative for Iran, funneling over millions of dollars into their crypto platforms and positioning Tehran among the top Bitcoin producers globally.
- US Senators Warren and King seek detailed information on how Iran's crypto operations support terror organizations and military efforts.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.