US Senator Cynthia Lummis asks the Division of Justice (DOJ) to criminally cost crypto trade Binance and USDT issuer Tether.
Lummis cites the 2 corporations’ function in aiding illicit fundraising for terror.
Blockchain safety and analytics agency Elliptic says a WSJ report “misrepresented” knowledge.
The US Division of Justice ought to end its investigation and think about legal expenses towards crypto trade Binance and USDT stablecoin issuer Tether, US Senator Cynthia Lummis says.
Senator Cynthia Lummis (R-WY), notes in a submit on X at present that she had despatched a letter to the DOJ with a view of getting the Justice Division cost the 2 crypto corporations for being “intermediaries” in reported illicit financing of Hamas.
In terms of illicit finance, crypto will not be the enemy – unhealthy actors are.
I despatched a letter asking DOJ to complete its investigation and think about legal expenses towards Binance and Tether after experiences they served as intermediaries for Hamas and engaged in illicit actions. pic.twitter.com/M3KGNFkpWc
— Senator Cynthia Lummis (@SenLummis) October 26, 2023
The letter, co-signed by Consultant French Hill, Chair Subcommittee, Home Monetary Companies, is a part of a wider response to a current Wall Avenue Journal report. The allegations within the report noticed a number of lawmakers imagine Hamas had raised hundreds of thousands of {dollars} in crypto funding earlier than its assaults on Israel earlier this month.
However as blockchain analytics agency Elliptic famous in a weblog submit printed on October 25, “there isn’t any proof to counsel that crypto fundraising” had resulted within the greater than $130 million raised cited within the Wall Avenue Journal article.
Elliptic mentioned its knowledge and that from different platforms “has been misinterpreted.”
Tether needs mainstream media fact-checked
In an announcement printed this afternoon, Tether mentioned its stance towards use of crypto in terrorism financing stays robust. Nonetheless, it has urged the federal government to “fact-check” mainstream media misrepresentations concerning the subject.
The information launch cited the stablecoin issuers cooperation with regulation enforcement, together with Israel’s to freeze funds suspected to be meant for illicit actions.
“Crypto utilized by malicious actors accounts for a small drop within the big ocean of illicit exercise passing by the (willingly or poorly outfitted) conventional monetary business. WSJ deceitful article tricked good actors with false data,” mentioned Tether CEO Paolo Ardoino.
Nic Carter, companion at Citadel Island Ventures, says crypto wants to face up for itself within the wake of the most recent regulatory developments. He shared on X:
Make no mistake. Journalists and senators mendacity about crypto financing terrorism and pinning the blame on us is an existential menace. In the event that they win that data struggle there isn’t any restrict to authorities aggression. It is a battle we have to win. And the reality is on OUR facet.
— nic 🌠 carter (@nic__carter) October 25, 2023
Brian Armstrong, co-founder and CEO of Coinbase, shares related sentiments and believes one of many steps to getting it proper right here is for the WSJ to situation a retraction or correction.
