This week a US House Financial Services Committee held a hearing where government officials voiced their concerns about the use of bitcoin and cryptocurrencies in domestic terrorism. Bitcoin has been targeted by government officials all around for its increasing use in terror financing as it provides anonymity to users.
“If it works for Hamas, it will work for the Nazis, too.”
US Congressman, Brad Sherman of California, is known for criticizing bitcoin and other cryptocurrencies. Earlier, the congressman had called for a blanket ban on all cryptocurrencies. This time the congressman said that cryptos’ security and secrecy allow domestic terrorists to fund their operations in the US. Congressman Sherman remarked that if it works for Hamas, it will work for Nazis, too.
Bitcoin needs better regulations.
New Jersey Office of Homeland Security and Preparedness Director, Jared Maples also made similar remarks saying that terrorists use cryptocurrency because it provides them with anonymity. Members of the committee noted several incidents where neo-Nazi members used bitcoin donations to carry out their activities. The officials noted that it is important to catch people who use bitcoin for nefarious activities while being mindful of the privacy of crypto users who have nothing to do with these groups.