From Nasdaq, Inc.:

Rep. Tom Emmer (R-Minn.) questioned Treasury officials about reports of Hamas using cryptocurrency for fundraising. Undersecretary Nelson confirmed that the initial numbers were incorrect and that crypto was not a popular tool for Hamas terrorists. He also stated that traditional financing methods are preferred by terrorist groups.

Nelson informed the House Financial Services Committee that the reports exaggerated the use of crypto by terrorists. He suggested that Hamas uses digital assets in relatively small amounts compared to what’s been widely reported. He emphasized that terrorists still prefer traditional financial products and services.

When asked by Emmer if digital assets are not the preferred means of terrorist financing, Nelson responded that he thinks it is correct, being a result of the government’s collaboration with Israel.

Although Nelson reassured Emmer about the limited use of cryptocurrencies by terrorist organizations, he also emphasized that the government’s focus is on disrupting these groups’ ability to leverage digital assets.

At the time of writing, Bitcoin was trading at $52,368, up 5.12% over the past 24 hours. This highlights the volatile nature of cryptocurrencies and their potential impact on global financial systems.



Read more: Tom Emmer Asks Top Treasury Official If Crypto ‘A Popular Tool’ For Hamas: ‘Terrorists Still Prefer… To Use Traditional Products And Services’