Congressman Raises Concerns Over Crypto Terrorism Financing Claims


During a recent House Financial Services Committee hearing, Congressman Tom Emmer questioned the alleged use of cryptocurrency to finance terrorism.

WSJ Report on Hamas Funding

The Wall Street Journal reported that Hamas raised $41 million in digital assets between 2021 and 2023. However, blockchain analytics firms have disputed these claims, stating that the actual amount is insignificant.

Treasury Department’s Assessment

Undersecretary for Terrorism and Financial Intelligence Brian Nelson confirmed that the Treasury Department’s data aligns with that of the analytics firms. He emphasized that cryptocurrency is not the primary means of financing terrorism worldwide.

Hamas and Palestinian Islamic Jihad

Emmer asked if Hamas and Palestinian Islamic Jihad commonly use crypto assets for funding. Nelson confirmed that the Treasury Department’s assessment indicates otherwise.

Need for Accurate Data

Emmer urged the Treasury Department to release its data to combat misinformation in the industry. He noted that false information can hinder innovation in the United States.

Senator Warren’s Stance

Senator Elizabeth Warren has expressed concerns about cryptocurrency, claiming it is primarily used for criminal activities.


Emmer, other representatives, independent firms, and the Treasury Department have disputed Warren’s claims, emphasizing that cryptocurrency is not a major threat to the economy.