Rajarshi Mitra
Independent Analyst
- US House Financial Services Committee members believe cryptos’ secrecy and security let terrorists operate in the country.
- They noted several cases of neo-Nazi individuals receiving donations or using crypto that let them operate throughout the US.
The US House Financial Services Committee held a hearing this Wednesday, where the topic of cryptocurrencies was addressed. US Congressman Brad Sherman stated that cryptocurrencies’ secrecy and security allows terrorists to fund their operations in the States. He explicitly stated that white supremacists are using Bitcoin. He said:
If it works for Hamas, it will work for the Nazis, too.
Similar concerns were also raised by the New Jersey Office of Homeland Security and Preparedness Director, Jared Maples and Rena Miller, the finance expert at Congressional Research Service. According to Maples, Hamas choose coins due to their privacy and secrecy and Andrew Anglin, The Daily Stormer, received a donation of $60,000 BTC post the attack on Charlottesville, Virginia.
The members also made a note of several cases of neo-Nazi individuals receiving donations or using crypto that let them operate throughout the US. George Selim, Anti-Defamation League Senior Vice President, said that Nazi websites like “Stormfront” rely on these donations. However, the members agreed that though it’s essential to fight the terror groups, it’s also important to be mindful of crypto users’ privacy who aren’t related to these groups.
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