- A U.S. representative insists on discrediting crypto terrorist funding figures.
- The development comes as the representative lauded SEC for cracking down on crypto.
- The representative says crypto is a “garden of snakes.”
Even as the mainstream media and on-chain analytics firms extensively covered the misquoted scale of crypto-funded terrorism, a group of U.S. lawmakers seems hell-bent on convincing the public otherwise, and probably the government too.
On November 2, a top-ranking Democrat was quoted on the official Congressional record lamenting about millions of dollars donated through crypto to various terrorist groups, including Hamas and Palestinian Islamic Jihad (PIJ).
Representative Says Terrorists Received $130M in Crypto, Heralds Crackdown
According to Congressman Brad Sherman, who doubles as the U.S. representative for California’s 32nd congressional district and the Chairman of the House Financial Services Subcommittee on Capital Markets and Investor Protection, terrorist groups have received millions of dollars in crypto donations.
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“Some $130 million of cryptocurrency has gone to Hamas and Palestinian Islamic Jihad,” Sherman said at a hearing in the U.S. House of Representatives. “These assets are designed to be perfect means for hidden money; hence the term cryptocurrency, getting to the worst actors in the world.”
Sherman proceeded to laud the Securities and Exchange Commission (SEC) for its industry-wide crypto crackdown, noting that it is one of the things the commission is “doing right.”
It didn’t stop there; the representative took another jab at the crypto industry.
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Several hours after the hearing, Sherman couldn’t contain his enthusiasm for the fight against crypto, terming the industry as a “Graden of Snakes.”
Despite Sherman resurrecting the assumption that terrorists received millions in crypto donations, it’s important to remember this allegation has been proven wrong before.
Where is Sherman Getting His Numbers?
Representative Sherman quoted $130M as the figure involved in crypto-funded terror. But if his supposed source is anything to go by, assuming it is the Wall Street Journal (WSJ) report he and other 101 lawmakers referred to in a bipartisan letter dated October 18, Sherman still misrepresented the figure.
WSJ’s report was based on research by blockchain analytics company Elliptic. According to Elliptic, the media outlet misconstrued its transaction data, which reveals that Hamas has only received close to $21,000 since October 7 through the group’s most prominent crypto funding campaign, Gaza Now.
Take an in-depth look into what Elliptic says about crypto-funded terrorism:
Elliptic Refutes WSJ’s Report on Hamas’s Cryptocurrency Use
Read why U.S. lawmakers want President Bident to combat crypto-funded terrorism:
U.S. Lawmakers Press Biden to Combat Crypto-Funded Terrorism
