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Amidst the crypto community’s anticipation of the potential approval of a spot Bitcoin Exchange Traded Fund (ETF) and the Security and Exchange Commission’s (SEC) response, Senator Elizabeth Warren has expressed concerns. She raised issues about the alleged attempts by the Blockchain Association to influence Congress and restrict bipartisan efforts addressing the role of cryptocurrency in financing terrorist organizations, including Hamas. Senator Warren raises notices over Blockchain Association’s lobbying 
Warren, a Democrat from Massachusetts, expressed her worries in a letter to Kristin Smith, the CEO of the Blockchain Association, referring to a Politico report that labeled the association as a “not-so secret weapon” in lobbying efforts. The senator claimed that these actions damage crucial initiatives by the Biden Administration and Congress to curb the potential <a href="https://news.todayq.com/hamas-received-41-million-in-crypto-through-donations-prior-to-israels-attack/">misuse of crypto assets by terror groups</a>. Source: Elizabeth Warren letter 
Contrary to claims of significant crypto funding for Hamas, the report has been challenged by blockchain analytics firms. These firms contest the figures cited by Warren, arguing that the actual amounts involved are in the thousands of dollars rather than the tens of millions initially suggested by the Wall Street Journal. 
In response to growing concerns, U.S. lawmakers have urged President Biden and Treasury Secretary Yellen to evaluate the extent of cryptocurrency usage by Hamas for fundraising. The issue has sparked debates regarding the scale and impact of such activities. Senator Warren criticizes “revolving door” in Crypto industry 
Senator Warren also blamed what she termed a “revolving door” within the crypto industry, suggesting that it contributes to a perceived lack of legitimacy. She accused the industry of resisting sensible regulations designed to restrict the <a href="https://news.todayq.com/elliptic-there-is-no-evidence-to-suggest-hamas-received-millions-of-dollars-in-crypto-donations/">use of cryptocurrency for terror financing</a>, potentially prioritizing profits over security. 
Addressing this concern, Warren called for transparency regarding the employment of former government officials by crypto firms. She emphasized worries about the influence of these individuals on legislative and regulatory activities related to cryptocurrency, anti-money laundering efforts, and counter-terrorism financing. 
As debates unfold, the crypto industry faces increasing scrutiny, with questions raised about the necessity of regulations and the potential impact on national security. This comes at a time when policymakers are grappling with the balance between fostering innovation and addressing legitimate concerns surrounding the misuse of digital assets by illicit actors. 
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Elizabeth Warren challenges Blockchain lobbying amid anti-terror concerns

Todayq News

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