Warren Demands Answers from Crypto Firms on Abuse of the Revolving Door to Undermine Bipartisan Efforts to Rein in Crypto Terrorist Financing

Press Release

"New information has revealed that crypto has become "an essential part for [Hamas's] operational activity,' and the CEO of massive crypto exchange Binance pled guilty to charges that "include failure to implement programs to prevent and report suspicious transactions with terrorists… ransomware attackers, money launderers, and other criminals'... In response to these concerns, a number of members of Congress have introduced legislation to address gaps in the anti-money laundering and countering-the-financing-of-terrorism frameworks that bad actors use crypto to exploit. But the response of the crypto industry appears to be focused on delaying and denying new rules that would restrict crypto's use by terrorists and criminals.

This abuse of the revolving door is appalling, revealing that the crypto industry is spending millions to give itself a veneer of legitimacy while fighting tooth and nail to stonewall common sense rules designed to restrict the use of crypto for terror financing -- rules that could cut into crypto company profits… Congress and the public deserve transparency about the extent to which crypto firms are using revolving door practices fighting efforts to close holes in current anti-money laundering and terrorist finance laws."

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