Following the publication of a threat assessment study by the US Department of Homeland Security (DHS), which identified bitcoin and other cryptocurrencies as an emerging concern, US senators are requesting a ban on terrorism financed by cryptocurrencies.
Cryptocurrency is being used to support terrorist organizations like ISIS and al-Qaeda, according to a DHS assessment released earlier this week. It also said that blockchain technology could provide anonymity for terrorists.
Sen. Elizabeth Warren (D-MA) responded by introducing legislation to prohibit cryptocurrency-funded terrorism today in the Senate Banking Committee. The measure would force the Treasury Department to adopt laws preventing US citizens from working for designated terrorists or terrorist groups utilizing digital currency.
Terrorists are exploiting the internet to gather money online, recruit new members, and plan operations against people across several countries. Before it's too late, it's imperative that we act to stop this increasing menace, said Warren in a statement.
Senators Mark Warner (D-VA), Cory Gardner (R-CO), Dianne Feinstein (D-CA), Mike Rounds (R-SD), and Catherine Cortez Masto (D-NV) are all there to support Warren.