WASHINGTON—A group of 105 members of the House of Representatives, led by Elizabeth Warren (D-MA), have sent a letter to President Biden expressing their concerns about the potential misuse of cryptocurrency in financing terrorism.
The letter urges the president to take decisive actions to tackle this issue, which included the formulation of fresh regulations for the cryptocurrency sector.
“It’s worth noting that the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has introduced a Notice of Proposed Rule Making (NPRM) that identifies international Convertible Virtual Currency Mixing (CVC mixing) as a category of transactions raising significant money laundering concerns,” reported Crowd Wisdom. “While these two events might not be directly linked, it’s plausible that the FinCEN guidance has been developed as part of the broader effort to establish new regulatory measures for the cryptocurrency industry.”
Coordinated Effort?
Meanwhile, just after the letter was sent to the president, FinCEN published a notification issuing an alert to Financial Institutions to counter Financing to Hamas and its Terrorist Activities.
“The timing of these two events suggests that there may be a coordinated effort to address the concerns of Representative Warren and the other members of Congress. It is possible that the FinCEN guidance was developed in response to the letter from the House members, or that the two events were simply coincidental,” Crowd Wisdom said.
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