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US senators urge Biden to regulate cryptocurrencies

Amid growing concerns about the use of cryptocurrencies to circumvent sanctions, US Senators Elizabeth Warren and Angus King have called on the Biden administration to tighten regulations on cryptocurrencies. Their concerns were highlighted in a recent letter to senior officials, citing the gains Iran mining Cryptocurrencies.

From US Senators to Biden: Act Now on Cryptocurrency Regulation

The power of American senators light on There is an urgent need to regulate cryptocurrencies, considering that Iran has managed to raise millions of dollars through cryptocurrencies. This wealth would support local and international financial activities. It also helps finance organizations such as Hamas. The senators wrote:

“Iran uses cryptocurrencies to finance…like Hamas and Palestinian Islamic Jihad. One estimate suggests that Bitcoin mining. Iranian This could have generated revenues of up to $1 billion in 2021... Hostile countries like Iran are taking advantage of the anti-money laundering loopholes in the cryptocurrency ecosystem and using these profits to harm real people.

These results highlight the crucial role of cryptocurrencies in modern finance and their potential misuse under less strict regulations.

Cryptocurrency mining, which involves validating transactions and creating new digital currencies, has proven to be a lucrative business for Iran. From 2015 to 2021, Bitcoin mining transferred more than $186 million in... Iranian crypto platforms. Tehran ranked first among the eight largest Bitcoin producers in the world in 2021.

Elizabeth Warren and Angus King have requested detailed information on how Iranian crypto operations facilitate the financing of terrorist organizations, military efforts or weapons development.

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This push for tighter regulation of cryptocurrencies comes at a time when the Biden administration is facing criticism from various sectors. For example, Matthew Siegel, head of digital assets research at VanEck, accused the Biden administration of imposing rapid restrictions on decentralized finance (DeFi) and self-custody of digital assets. Siegel said :

“The Biden administration is rushing to make DeFi and self-incubation functionally illegal in the United States before voters can express their political intentions at the ballot box.”

As the political environment heats up ahead of the presidential election, the debate over cryptocurrency regulation is crucial. They reflect broader concerns about national security, economic stability and the integrity of international financial systems.

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