Four U.S. senators are targeting digital assets in a new bipartisan bill that aims to enforce sanctions on foreign parties that do business with terrorist organizations.
According to a new press release, Republican Senators Mitt Romney of Utah and Mike Rounds of South Dakota are teaming up with Democrats Mike Warner of Virginia and Jack Reed of Rhode Island to propose a bill that they say will crack down on funding for terrorist groups such as Hamas.
“[The Senators] today introduced bipartisan legislation to crack down on terrorist organizations – such as Hamas – by imposing sanctions on foreign parties that facilitate financial transactions with terrorists. Currently, these sanctions are only imposed in limited circumstances…
The Terrorism Financing Prevention Act introduced today will expand these types of sanctions to all U.S.-designated foreign terrorist organizations (FTOs), including Hamas, and other foreign parties controlled by or acting on behalf of these FTOs.”
Actors identified as FTOs will either have limited access to their US bank accounts or be unable to trade crypto assets with people in the US, according to the press release.
As Romney said:
“The October 7 attacks on Israel, perpetrated by Hamas, have made it more urgent and necessary for the US to counter the role cryptocurrency plays in financing terrorism.
Our legislation would expand financial sanctions to all terrorist organizations – including Hamas – and provide the Treasury Department with additional resources to combat terrorism and address emerging threats related to digital assets.”
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Featured image: Shutterstock/Gorodenkoff/Sensvector